CSD BR and Ripple Launch Live Blockchain Integration for Brazilian Investment Fund Records

This initiative represents a significant step in integrating blockchain technology into regulated financial markets, potentially setting a precedent for future innovations.

• On September 29, 2026, CSD BR began mirroring BTG Pactual investment fund shares on the XRP Ledger.
• Ripple partnered with CSD BR to create a supplementary audit layer while maintaining existing regulatory frameworks.
• The project aims to enhance transparency and efficiency for institutional participants in Brazil's capital markets.

• CSD BR manages over 22 trillion Brazilian reais in registered assets, making it a key player in Brazil's financial infrastructure.
• The XRP Ledger serves as a permissioned environment, ensuring compliance with KYC/AML regulations for corporate and banking clients.
• Previous efforts in Brazil focused on controlled testing of asset tokenization, marking this as a transition to live operations.

On September 29, 2026, CSD BR, Brazil's regulated central securities depository, launched a pioneering initiative by mirroring ownership records of BTG Pactual investment fund shares on the XRP Ledger. This project, developed in collaboration with Ripple, introduces a blockchain-based supplementary audit and verification layer while ensuring that CSD BR's systems retain their official legal status for registration, custody, and settlement.

The architecture employs Ripple's custody infrastructure within a permissioned environment, which is restricted to clients that comply with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations. This means that only authorized institutional participants can access the system, ensuring a secure and compliant framework for transactions. The primary goal of this initiative is to enhance transparency and efficiency in Brazil's capital markets, allowing authorized participants to verify ownership changes in near real-time.

The project is particularly noteworthy as it operates under existing regulatory frameworks established by the Brazilian Central Bank and the Comissão de Valores Mobiliários (CVM). This means that while the integration of blockchain technology is innovative, it does not disrupt the current regulatory landscape or the responsibilities of market participants. The first phase of the project is now live, with plans for subsequent phases that may include native issuance and trading of various asset classes, such as Real Estate Receivables Certificates (CRI) and Agribusiness Receivables Certificates (CRA).

This initiative is significant not only for Brazil but also for the global financial landscape, as it represents one of the first instances of a licensed central securities depository integrating public blockchain technology for record mirroring at scale. The implications of this project could extend beyond Brazil, influencing how other countries approach asset tokenization and blockchain integration in regulated markets.

• Institutional investors: They will benefit from enhanced transparency and efficiency in managing fund shares.
• Regulatory bodies: They will observe how blockchain can coexist with existing regulations, potentially influencing future policies.
• Financial technology firms: Companies involved in blockchain solutions may see increased interest and demand for similar integrations.

• Expansion phases: Monitor announcements regarding the next phases of the project, particularly the introduction of new asset classes.
• Regulatory responses: Watch for any changes or adaptations in Brazilian regulations as the project evolves.
• Market adoption: Keep an eye on how other financial institutions in Brazil and beyond respond to this initiative and whether they seek similar integrations.