Moeda Social Aratu
Digital social currency of Indiaroba, a town of 18,000 in Sergipe, Brazil, pegged one-to-one to the real and spendable only within the municipality. The city's Banco Popular de Indiaroba, the first municipal bank in Brazil's North and Northeast, pays social benefits in aratus and lends microcredit at 0.99% interest through the E-Dinheiro platform. More than 300 local businesses accept the currency, which circulated 4.5 million aratus in its first two years.
The strongest small-town survivor of Brazil's Marica-inspired municipal currency wave: debt-free issuance, near-universal local acceptance, microcredit at 0.99%, and continuity across a change of government. Structurally still a fiat voucher under one mayor's control. Lands just under the larger Arariboia (2.5), above Mumbuca's stricter human-rated 2.2.
M69 Score
Scored against the Money2069 Manifesto — see methodology. Higher = more aligned.
Detailed Rating Breakdown
Issuance Model3x3.0
Debt-free issuance from the municipal budget (IM-02 high) with merchant redemption to reais contracting supply (IM-05). Single municipal issuer (IM-01 low) and issuance follows social-policy decisions, not measured economic activity (IM-03 low). Same mid-band structure as the published Arariboia row.
Spending Power Stability2x3.0
Full parity backing to the Brazilian real has held since the 2022 launch (SPS-04 solid for its age). The benchmark is a single moderate-inflation fiat (SPS-02 band 2) and there is no mechanism beyond budget backing, so it imports the real's purchasing-power drift.
Fiat Independence & Interoperability2x1.0
A prepaid claim on reais: fiat unit of account, fiat funding, and full dependence on the E-Dinheiro payment rails and municipal treasury. No independence from a Brazilian fiat or fiscal shock.
Traction2x3.0
306 accepting businesses (TR-04 band 3), about 1,000 accounts and 1,159 benefit recipients in an 18,000-person town, 4.5 million aratus circulated in two years, and officials report near-universal acceptance in local commerce (TR-05 strong within the network). Survived the January 2025 administration change with the new mayor actively championing it, while the equivalent program in Cabo Frio was suspended. Recognized by the federal labor ministry, FUNDAJ and Sebrae (TR-08 high); adoption remains transfer-driven (TR-09 low).
Sovereignty1.0
A municipal government program on a custodial platform: the city can end it by decree, accounts are operator-controlled, and circulation is legally ring-fenced to one municipality.
Governance2.0
Created by municipal law with public-administration transparency rules and operated with Instituto E-Dinheiro, but monetary decisions sit with the mayor's office; no separation between monetary and operational control.
Resilience2.0
Passed the hardest local test, a mayoral transition, and is one of two pilots for federal benefit distribution through community banks. Still budget-dependent with no formal stress mechanism, and the Cabo Frio suspension shows how fast the model dies when political support flips.
Inclusivity3.0
Built for the poorest residents: zero cost, targeted at benefit recipients outside the banking system, with credentialed local merchants across town and rural areas (IN-03 top band). Participation is geographically restricted by design (IN-01 band 2) and benefit access requires registry enrollment (IN-06 band 2).