A Brazilian financial-market operator overseeing more than 22 trillion reais, or roughly $4 trillion, in registered assets has begun recording ownership changes for selected BTG Pactual investment funds on the public XRP Ledger.
CSD BR, the regulated operator responsible for registration, securities depository and settlement systems in Brazil, is using the blockchain as a second record of fund ownership. Its existing database remains the official legal record for registration, custody and settlement. The assets themselves are not being transferred onto the XRP Ledger.
The initiative is being carried out with BTG Pactual, Latin America’s largest investment bank, and Ripple. According to CoinDesk, the companies are starting with live fund records rather than test assets, although the blockchain version does not replace CSD BR’s established systems.
A second record for fund ownership
When an investor buys shares in an investment fund, the relevant depository updates its records. Banks and other institutions serving investors also maintain their own books. Those records must be compared regularly to ensure that the positions match.
This process, known as reconciliation, can be time-consuming and expensive. If the records do not agree, a transaction may be delayed while the discrepancy is investigated and corrected.
Under the new arrangement, approved banks and companies can view the XRP Ledger record directly and compare it with CSD BR’s database at any time. Changes are recorded publicly on the blockchain, including reversals made by CSD BR, making differences between the two records visible.
The fund shares held through CSD BR will also be represented as tokens on the XRP Ledger. However, the token representation is only a mirrored record at this stage. CSD BR’s own database continues to have final authority over ownership registration, custody and settlement.
Why the project uses a public ledger
Financial institutions have often tested blockchain systems on private networks accessible only to invited participants. CSD BR is using a public blockchain while retaining control over who may hold and transfer the tokens.
Anyone can inspect token movements on the XRP Ledger, but participation is not open to everyone. CSD BR controls eligibility, and users must complete the identity and anti-money-laundering checks required for regulated financial activity.
The tokens use the XRP Ledger’s Multi-Purpose Token standard. That standard is designed for financial instruments whose issuers need controls that are not available with a freely transferable cryptocurrency such as XRP. CSD BR can restrict participation, freeze assets or reverse transactions when required by a regulator or court.
CSD BR was founded in 2018 and is authorized by Brazil’s central bank and securities regulator. Its systems register and maintain positions in securities, derivatives and other financial assets. The scale of its operations means the trial places a substantial regulated market infrastructure provider alongside a public blockchain, even though the blockchain remains secondary to the official database.
Possible next step: issuing assets directly
The initial mirroring phase could provide a foundation for a broader use of blockchain in Brazil’s capital markets. CSD BR and Ripple plan to explore issuing assets directly on the XRP Ledger and allowing approved participants to trade them there after the current system has been tested.
Direct issuance and trading on a blockchain could allow ownership changes and settlement to occur in seconds, compared with the day or more that ordinary securities transactions can take to finalize. The source material does not say that this capability is already available through the project; it describes it as a future area for testing.
Potential assets under consideration include Brazilian real-estate receivables and agribusiness receivables. Both are established parts of Brazil’s fixed-income market. Moving from a mirrored record to direct issuance would therefore represent a larger change than the current pilot, because the blockchain would become part of the transaction and settlement process rather than simply providing a parallel view of ownership.
XRP market picture
Moneyiar market data at 09:09 on October 1, 2026, showed XRP trading at $1.4887496996. The token was down 0.84% over 24 hours but up 0.89% over seven days.
For context, the same Moneyiar data showed:
- EDGE at $0.5232152143, up 0.92% over 24 hours and down 6.29% over seven days.
- BAS at $0.0240932397, up 7.27% over 24 hours and 4.07% over seven days.
- DATA at $0.2136537246, down 1.51% over 24 hours and 2.84% over seven days.
These market movements do not indicate the financial outcome of CSD BR’s project. The initiative concerns the use of the XRP Ledger as infrastructure for regulated fund records, while CSD BR retains the official legal record and its existing regulatory controls.
