Ripple and CSD BR, Brazil’s central securities depository, have launched the first phase of a strategic partnership to use the XRP Ledger blockchain as a supplementary record-keeping layer for financial assets. The initiative moves asset tokenization from controlled testing into live operation within a regulated market environment, marking the first time a central securities depository has mirrored securities ownership records on a public blockchain while maintaining official records on its own systems.
- Assets Under Management: BRL 22 trillion registered with CSD BR
- Initial Asset: BTG Pactual investment fund shares
- Technology Standard: Multi-Purpose Token (MPT) on XRP Ledger
- Access Model: Permissioned basis for Brazilian corporate and banking clients
- Future Asset Classes: Real Estate Receivables Certificates (CRI) and Agribusiness Receivables Certificates (CRA)
The partnership architecture combines Ripple‘s custody infrastructure with native XRPL capabilities in a compliant environment. CSD BR retains full governance control, including participant authorization, asset freezing, and transaction reversal capabilities when required by regulatory or judicial order. All participants undergo Know Your Customer (KYC) and anti-money laundering (AML) procedures. The blockchain operates as a complementary auditing and transparency layer, allowing authorized participants to validate records in near real time while current investor and issuer processes 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. In this phase, current processes remain unchanged for investors, issuers and participants. The goal is to evaluate how the technology performs under real operating conditions and build a solid foundation for future developments.
– Daniel Polano Spreafico, Head of Products and Clients, CSD BR
Moving beyond pilots and proofs of concept to a live record-keeping infrastructure in a national capital market is a major milestone for the industry. This partnership shows how distributed ledger technology can be safely incorporated into critical financial infrastructure in a regulated way.
– Silvio Pegado, Managing Director of Ripple for Latin America
Taking part in this initiative allows BTG Pactual to contribute directly to applying blockchain technology to the fund market, within a regulated infrastructure and with live transactions. Mirroring fund shares creates a concrete foundation for future developments while preserving current processes and the official record of the assets.
– Luis Furtado, Partner responsible for Market Infrastructure, BTG Pactual
Once the mirroring phase is validated, the partnership plans to expand blockchain use to native asset issuance and peer-to-peer trading among authorized participants. Future iterations will incorporate advanced confidentiality mechanisms to meet financial market privacy requirements. Although initially focused on Brazilian assets, the model supports expansion to new asset classes, participants, and potentially other international markets. Ripple, founded in 2012, operates as a provider of blockchain solutions for traditional and digital finance, holding over 85 licenses globally.
Daniel Polano Spreafico, Head of Products and Clients at CSD BR. Source: LinkedIn
Silvio Pegado, Managing Director of Ripple for Latin America. Source: LinkedIn
