Ripple and Brazil's central securities depository, CSD BR, are working to bring blockchain tokenization into the country's financial market by making financial-market records available in real time on the XRP Ledger, according to an [official announcement](

The first phase centers on investment fund shares managed by BTG Pactual. CSD BR's existing systems remain the official platform for the registration, deposit, and settlement of these assets, with the blockchain layer designed to operate alongside them.

XRP Ledger Added to BRL 22 Trillion Infrastructure

The XRP Ledger will serve as an additional layer through which CSD BR, a Brazilian financial-market infrastructure provider, registers and audits financial assets. Central securities depositories are the institutions that maintain the authoritative ownership records of a securities market, which places this deployment at the core of market plumbing rather than at its edges. The institution holds an asset balance of more than BRL 22 trillion and is capable of carrying out millions of transactions in minutes.

Selected BTG Pactual fund shares held with CSD BR will be mapped onto the XRP Ledger through the Multi-Purpose Token (MPT) standard.

The blockchain record will not be treated as a replacement for CSD BR's official database. Instead, authorized participants will be able to check the accuracy of the blockchain data against the current system and verify record consistency in real time.

Fund Shares Will Be Mirrored, Not Replaced

Under the arrangement, the on-chain entries function as a verification layer rather than a system of record. This structure allows the project to proceed without changes to existing laws while trials are conducted in the live market environment.

CSD BR will retain full control over asset issuance and administration. It will also maintain systems for qualifying and freezing assets and for executing asset reversals as required in response to regulators or courts.

Access within Brazil will be permissioned and restricted to a group of qualified corporate and banking customers that meet Know Your Customer and anti-money laundering compliance criteria.

Ripple's custody infrastructure will work alongside the XRP Ledger's native tokenization features to support the system.

Ripple and CSD BR Move Beyond Blockchain Pilots

Rather than running isolated tests, the initiative places the technology inside production systems. The project marks the first time blockchain is used within active financial systems rather than in proofs of concept testing. That distinction matters across the tokenization industry, where many distributed-ledger efforts in traditional finance have remained confined to proofs of concept. CSD BR said it selected a record-mirroring model to test transparency, traceability, and automation without impacting processes for investors or issuers.

The initiative complies with Brazil's current regulatory framework and will not require any new licenses in its first phase. For Ripple, the deployment extends the XRP Ledger's value proposition beyond crypto-native transactions into regulatory infrastructure.

Tokenized CRI and CRA Assets Could Come Next

If the first stage proves successful, CSD BR and Ripple will move into native issuance and trading directly on the XRP Ledger. For Brazil's fixed-income market, two key asset categories are being assessed: Real Estate Receivables Certificates (CRI) and Agribusiness Receivables Certificates (CRA).

Further development work is also planned, including stronger confidentiality capabilities for institutional-level users. The system has been designed to accommodate additional asset classes, more participants, and potentially international expansion in the future.

The stated gate for that next phase is a successful first stage, which places the performance of the live verification layer, and its real-time consistency checks against CSD BR's official records, among the milestones to watch as the rollout progresses.

For now, the BRL 22 trillion figure represents the scale of CSD BR's existing registered-asset infrastructure, not the amount being tokenized on the XRP Ledger. The current rollout begins with selected BTG Pactual fund shares and a live blockchain-based audit layer.

Source: Crypto Ninjas