Brazil’s CSD BR partners with Ripple to mirror securities records on XRP Ledger

A licensed Central Securities Depository just put securities records on a public blockchain. Not a proof of concept, not a sandbox experiment, but an actual integration involving real fund shares from one of Latin America’s largest investment banks.

CSD BR, which manages more than BRL 22 trillion in registered assets across Brazil’s financial markets, has partnered with Ripple to mirror securities ownership data on the XRP Ledger. The first phase of the project involves investment fund shares from BTG Pactual, one of Brazil’s most prominent financial institutions.

How the mirroring actually works

The key word here is “mirroring.” CSD BR isn’t handing over the keys to the blockchain and walking away. The depository remains the official source of record for all registrations and settlements, meaning investor rights and existing legal frameworks stay exactly where they are. No changes to investor processes. No new legal responsibilities triggered by the integration.

The technical backbone relies on XRPL’s Multi-Purpose Token standard, a relatively newer capability on the XRP Ledger designed to handle a wider variety of asset types than its original token infrastructure allowed. Ripple Custody provides the asset security layer, keeping the private keys and access controls within an institutional-grade framework.

CSD BR processes millions of transactions and operates under the supervision of Brazil’s securities regulator (CVM) and central bank (BCB).

Why Brazil, and why now

The partnership was executed without requiring new regulatory approvals, suggesting that the integration was designed specifically to operate within current rules rather than test the boundaries of them.

The selection of BTG Pactual as the inaugural use case adds credibility. BTG is Latin America’s largest standalone investment bank, and its fund shares represent a meaningful, liquid asset class rather than a tokenized novelty.

What comes next

The mirroring phase is explicitly positioned as step one. Executives from both CSD BR and Ripple have framed the cautious rollout as intentional, describing real-world testing through mirroring as a pathway toward safe innovation.

Future phases could get considerably more ambitious. The partnership roadmap includes potential native asset issuance directly on the XRP Ledger and peer-to-peer trading. The asset classes being considered for expansion include CRIs (Certificados de Recebiveis Imobiliarios) and CRAs (Certificados de Recebiveis do Agronegocio), Brazilian equivalents of real estate and agribusiness receivables certificates.

Disclosure: This article was edited by Kaye Quema. For more information on how we create and review content, see our Editorial Policy.