Ripple and CSD BR have issued securities tokens for Brazilian mutual funds in a regulated setting. Shares of mutual funds offered by BTG Pactual are the first asset class to be tokenized on XRP blockchain. This is a move away from a private blockchain pilot project toward coexistence with traditional capital market infrastructure.
Under the proposal, CSD BR would remain the primary registrar and settlement authority. XRP Ledger would provide an additional, transparent record for authorized institutions to review and compare with records held by CSD BR within a regulated environment.
The company has assets valued at over BRL 22 trillion recorded in its database. This does not mean that assets valued at over BRL 22 trillion are being tokenized using XRPL.
BTG Pactual fund share assets held with CSD BR are tokenized under the Multi-Purpose Token standard. Off-chain ownership information is recorded on-chain to allow authorized parties to access nearly real-time information about these assets without disrupting existing investor and issuer processes. Ripple’s custodial services are among the other services offered in this arrangement.
A licensed central securities depository is recording securities ownership on a public blockchain for the first time — on the XRP Ledger. 🇧🇷
— Ripple (@Ripple) September 30, 2026
CSD BR is partnering with Ripple to bring Brazil's regulated capital markets onchain, starting with BTG Pactual fund shares, secured by…
Access to the tokenized records is restricted to corporate and banking clients in Brazil who meet certain KYC and anti-money laundering requirements. CSD BR maintains ownership control over tokenized records. The tokenization process can be used to restrict or reverse transfers of particular assets at the request of regulators or courts.
The plan to start with mirrored data indicates that the CSD BR won’t be fully surrendering ownership of assets to XRP Ledger. The CSD BR will continue to hold primary records on its own systems, and XRP Ledger will serve as an additional source for record checking and auditing.
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The method enables implementation of blockchain technology without disrupting the current official records or trading processes.
If the first stage meets expectations, Ripple and CSD BR plan to explore blockchain-based issuer services in addition to existing paper services.
Real Estate Receivables Certificates, CRIs, and Agribusiness Receivables Certificates, CRAs, are some of the Brazilian fixed-income securities being evaluated for issuance, but no issuance date has been set.
XRP Ledger Enters Brazil’s $4T Financial Market
— BSCN (@BSCNews) September 30, 2026
CSD BR and Ripple are bringing the XRP Ledger ripple:native into Brazil’s regulated investment fund infrastructure.
The partnership will initially mirror ownership records for investment fund shares held through BTG Pactual.
CSD… pic.twitter.com/SeoX6Ulv49
Future phases may involve transactions with other accredited institutions and other privacy safeguards. The project team has not identified the specific privacy technology that will be used for the project. Current project activities are focused on testing the accuracy and functionality of mirrored mutual fund share data.
Brazil’s central bank recognizes CSD BR as a financial market infrastructure authorized to provide securities settlement and other centralized depository and registration services.
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XRPL launch will allow it to operate alongside regulated service providers, with asset ownership records maintained by CSD BR. There are no plans to expand internationally, and wider XRPL adoption in other regulated jurisdictions may occur later.
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