Ripple puts Brazilian fund records on XRP Ledger
Ripple and CSD BR have moved Brazilian investment-fund records onto the XRP Ledger in a live regulated environment, starting with shares of BTG Pactual funds.
- BRL 22 trillion sits in CSD BR’s registered asset infrastructure as blockchain record mirroring begins.
- BTG Pactual investment fund shares will be tokenized and mirrored onto the public XRP Ledger.
- CSD BR remains the official ownership record while XRPL provides an additional audit layer independently.
- Authorized institutions can verify mirrored records while KYC and anti-money laundering controls remain fully enforced.
- Future phases could bring Brazilian real estate and agribusiness debt securities directly onto blockchain infrastructure.
Ripple said on Sept. 29 that CSD BR will use the public XRP Ledger as an extra record and audit layer while its own systems remain the official source for ownership, registration, deposit and settlement. CSD BR currently has more than BRL 22 trillion in registered assets.
The project goes beyond a closed proof of concept because transactions will take place within CSD BR’s existing market infrastructure. Investors, issuers and other participants will continue using the same processes during this first phase.
BTG Pactual investment fund shares deposited with CSD BR will be represented on XRPL using the network’s Multi-Purpose Token standard. The blockchain copies the ownership information so authorized participants can compare it with CSD BR’s official records close to real time.
How will XRP Ledger track Brazilian fund shares?
CSD BR will continue controlling the assets themselves. Its internal systems remain legally responsible for recording who owns each security and for handling deposits and settlements.
XRPL provides a second record that can be checked by approved institutions. Ripple explained that the structure lets participants confirm whether blockchain records match information held inside CSD BR’s regulated infrastructure.
The project uses Ripple’s custody technology alongside native XRP Ledger functions. Access is restricted to corporate and banking customers in Brazil that have completed required Know Your Customer and anti-money laundering checks.
CSD BR keeps control over who can participate and how the tokenized records are managed. The system can freeze individual assets or reverse a transaction when a regulatory or judicial order requires it.
Daniel Polano Spreafico, CSD BR’s head of products and clients, said the company deliberately started with mirrored records because existing investor and issuer processes can remain unchanged.
“We chose to start with record mirroring because it is the safest and most responsible way to introduce a new technology into critical market infrastructure,” Spreafico said.
Brazil’s central bank independently lists the CSD BR system among the country’s authorized financial-market infrastructures, with permissions covering securities settlement, centralized depository services and asset registration.
BTG Pactual funds are the first assets being tested
BTG Pactual fund shares provide the first live assets for the new setup. The partnership did not identify individual funds, their value or how many transactions are expected during the initial phase.
Luis Furtado, the BTG Pactual partner responsible for market infrastructure, said participating in the project lets the bank test blockchain technology within regulated fund infrastructure while keeping the existing official ownership records intact.
“Mirroring fund shares creates a concrete foundation for future developments while preserving current processes and the official record of the assets,” Furtado said.
The project therefore does not move the legal ownership register entirely onto XRP Ledger. CSD BR’s records still determine ownership, while XRPL acts as an additional place to verify and audit information.
That distinction matters for how the project should be described. Ripple has not announced that Brazil’s BRL 22 trillion of registered assets are being tokenized on XRP Ledger. The BRL 22 trillion figure refers to the total assets registered across CSD BR’s existing infrastructure, while the initial blockchain phase begins with selected BTG Pactual investment fund shares.
In related coverage, XRP Ledger added roughly $2.6 billion in tokenized real-world asset value over six months, according to RWA.xyz data previously reported by crypto.news. Much of that value was represented onchain while underlying assets remained governed by separate legal and custody arrangements.
Ripple plans to move from copied records to native assets
If the first phase works as intended, Ripple and CSD BR plan to explore assets issued directly through blockchain infrastructure instead of merely copying records from existing systems.
Two Brazilian fixed-income products are already under consideration: Real Estate Receivables Certificates, known locally as CRIs, and Agribusiness Receivables Certificates, or CRAs.
Those products represent receivables tied to Brazil’s real estate and agricultural markets. Ripple and CSD BR have not set a date for bringing either asset class onto XRPL.
Trading between approved participants forms another possible future phase. CSD BR said the system could eventually move beyond auditing and record mirroring toward blockchain-native issuance and transactions between regulated institutions.
Privacy is part of that roadmap. The companies plan to add confidentiality tools intended to meet financial-market requirements as more activity moves onto the ledger.
That work lines up with technical development already underway on XRPL. In related coverage, XRP Ledger developers have been working on confidential transfers for Multi-Purpose Tokens, using cryptographic tools designed to conceal token balances and transfer amounts while keeping account identities visible on the public ledger.
The Brazilian project has not said whether that exact confidential MPT feature will be used once privacy functions are introduced.
XRP Ledger is gaining more institutional asset activity
CSD BR’s rollout follows other institutional tests involving tokenized assets on XRP Ledger.
Earlier this year, Ripple, JPMorgan, Mastercard and Ondo tested the redemption of a tokenized U.S. Treasury product on XRPL. The blockchain portion of that transaction completed in roughly five seconds, while RLUSD served as part of the settlement process.
Crypto.news separately reported that XRPL had accumulated around $2.6 billion in net real-world asset additions over six months by July, excluding stablecoins.
Use of XRP Ledger infrastructure does not necessarily mean institutions must buy or hold large amounts of XRP. As previous crypto.news analysis of institutional XRPL adoption explained, institutions can use ledger functions and tokenized assets while XRP’s direct role may remain limited to network fees, account reserves or specific liquidity routes.
For CSD BR, the immediate focus remains the accuracy of its mirrored fund-share records. Ripple Managing Director for Latin America Silvio Pegado described the move from tests into live record keeping as a major step for regulated blockchain infrastructure.
The partnership was built under Brazil’s current regulatory framework and does not require new approvals for the first phase, according to Ripple. Brazil’s central bank states that authorized financial-market infrastructures are subject to oversight designed to protect the country’s payment and financial systems.
Once CSD BR validates the record-mirroring phase, the companies plan to consider native issuance, trading among approved institutions, more asset classes and stronger confidentiality features. Ripple said the technical model has been designed so it could eventually expand beyond Brazilian assets and participants, although no international rollout has been announced.
