Brazil’s regulated capital markets have taken a notable step toward integrating public blockchain infrastructure. CSD BR, a licensed registrar, central securities depository and settlement system, has launched the first stage of a partnership with Ripple that places selected ownership records on the XRP Ledger while leaving the official books unchanged.
CSD BR oversees more than 22 trillion reais in registered assets.
In this initial phase, shares of BTG Pactual investment funds deposited with the depository will be tokenized and mirrored on XRPL using the Multi-Purpose Token standard.
The blockchain copy functions as a complementary audit and query layer. Authorized institutions can check holdings against CSD BR’s systems in near real time.
Legal title, registration, custody and settlement remain on CSD BR’s own infrastructure.
No assets are transferred onto the ledger.
The arrangement was built inside Brazil’s existing regulatory framework.
It requires no new licenses and does not alter participants’ legal duties.
Access is permissioned and limited to Brazilian corporate and banking clients that complete KYC and AML checks.
CSD BR keeps full administrative control, including the power to authorize holders, freeze tokens and reverse transactions when ordered by a regulator or court.
Ripple supplies custody technology that works with XRPL’s native features for regulated financial assets.
Officials describe the project as a cautious bridge from pilots to live market infrastructure.
Daniel Polano Spreafico, head of products and clients at CSD BR, said mirroring was chosen because it is the safest way to introduce new technology into critical systems.
Current processes for investors, issuers and intermediaries stay the same while the partners measure gains in transparency, traceability and efficiency under real operating conditions.
Silvio Pegado, Ripple’s managing director for Latin America, called the shift from proofs of concept to live record-keeping in a national capital market a significant industry milestone.
Luis Furtado of BTG Pactual said the bank is contributing to the application of blockchain in the fund market without disrupting existing official records.
If the first phase performs as expected, later stages could move toward native issuance and trading among approved participants.
Assets under review include real-estate receivables certificates (CRI) and agribusiness receivables certificates (CRA), two large segments of Brazil’s fixed-income market.
The design also contemplates stronger confidentiality tools and, over time, additional asset classes, participants and possibly other jurisdictions.
The initiative does not put Brazil’s full 22-trillion-real book of registered assets onto XRPL. It creates a controlled, readable shadow record for a defined set of fund shares. That limited but live use of a public ledger by a licensed depository is what distinguishes the project from earlier experiments.