A Brazilian depository copies fund shares onto the XRP Ledger, and keeps the legal record in its own database

What happened

CSD BR, a Brazilian financial market infrastructure authorised as a registrar, central securities depository and settlement system, announced on 29 September 2026 the first phase of a partnership with Ripple. BTG Pactual investment fund shares deposited at CSD BR will be tokenized and mirrored on the XRP Ledger using the Multi-Purpose Token standard. The release describes it as the first time "a central securities depository for financial assets and securities will use a public blockchain to mirror securities ownership records, while CSD BR's systems remain the official source of record for registration, deposit and settlement of the assets." The environment "will operate on a permissioned basis, restricted to corporate and banking clients in Brazil" that pass identity and anti-money-laundering checks. CSD BR keeps control of participant authorisation, freezing and the ability "to reverse transactions (clawback) when required by regulatory or judicial order". Daniel Polano Spreafico, its head of products and clients, said: "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." Real estate and agribusiness receivables certificates are named for later native issuance and trading.

Why it matters

A depository's register is the legal answer to who owns a security, and every bank acting for investors keeps its own books and reconciles them against it. The release offers authorised participants a copy of the depository's record they can check "in near real time", in place of reconciling after the fact. That is the saving on offer in this phase, and it is a saving in back-office work, not in settlement: the legal record, and with it finality, stays in CSD BR's database. The release says the model needed no new regulatory approvals and changes no participant's legal responsibilities, which is the same point from the other side. The token is not a bearer asset. CSD BR decides who may hold it and can freeze or reverse it, so the public chain carries a permissioned record, and the controls stay with the depository. What puts this on a public chain rather than a private one is a depository that calls itself the new clearing house of the Brazilian market, and a vendor, Ripple, whose custody infrastructure the architecture uses.

What is not settled

Neither the release nor any report read here says which BTG Pactual funds are mirrored or how much is in them. CoinDesk's headline puts the records next to $4 trillion. That is the release's "more than BRL 22 trillion in registered assets", which measures everything CSD BR registers, not the mirrored shares. Bitcoin.com News attributes the figure to the operator, as the release does. The reports also go further than the release on who can see the record. CoinDesk says anyone can read the token movements on the ledger and that a gap between the two records would be visible. The release says the environment is permissioned and that authorised participants validate the records, and it does not say whether the public can read them. Whether any reconciliation has in fact been replaced, and on what timetable native issuance of receivables certificates would follow, the release leaves to later phases.