Ripple and Brazilian financial market infrastructure operator CSD BR announced a partnership on Sept. 29 to mirror ownership records for BTG Pactual investment fund shares on the XRP Ledger (XRPL). The initiative highlights Brazil's position as a primary market for Ripple's enterprise tokenization and payments infrastructure.
- CSD BR is mirroring BTG Pactual fund share records on XRPL using Ripple custody for identity-verified institutional participants.
- Markus Infanger reported $2.7 billion of $6.7 billion in total XRPL real-world assets are concentrated in Brazil.
- Chainalysis ranked Brazil first overall in global grassroots crypto adoption, recording $252.5 billion in total activity.
- Mercado Bitcoin planned in July 2025 to tokenize over $200 million in real-world assets on XRPL.
XRPL Tokenization Concentration in Brazil
In a Sept. 28 interview with Estadão's E-Investidor, RippleX executive Markus Infanger revealed that Brazil holds approximately $2.7 billion of the $6.7 billion in total tokenized real-world financial assets on the XRPL. This represents roughly 40% of all reported asset value on the ledger. Under the first phase of the CSD BR collaboration, official registration, deposit, and settlement remain on CSD BR systems, while XRPL tokens and Ripple custody mirror fund share ownership for authorized institutional participants subject to identity and anti-money-laundering checks.
This deployment builds on prior tokenization projects in the country. In October 2025, credit platform VERT recorded documentation and payments on XRPL and its EVM sidechain for a pension-receivables fund holding over R$200 million in net assets. Furthermore, Ripple's institutional presence in Brazil aligns with Mercado Bitcoin's July 2025 announcement to tokenize more than $200 million in permissioned assets on XRPL.
Growth of Institutional Services Since 2019
Ripple opened its Brazilian office in 2019 and launched XRP-enabled cross-border payments with Travelex Bank in August 2022. By October 2024, Ripple partnered with Mercado Bitcoin to facilitate internal treasury transfers between Brazil and Portugal. In March 2026, Ripple expanded its institutional suite across custody, prime brokerage, treasury management, and payments, adding Banco Genial, Braza Bank, and Nomad as payments users.
Local exchanges including Mercado Bitcoin, Foxbit, and Ripio support or list Ripple's stablecoin, RLUSD. Alongside these institutional connections, Ripple announced plans to apply for a Brazilian virtual asset service provider (VASP) license.
Market Adoption and Regulatory Updates
Chainalysis ranked Brazil first overall in its 2026 global adoption index, placing the country second for cross-border flows, third for service flows and peer-to-peer activity, and fourth for held balances. Between July 1, 2025, and June 30, 2026, Chainalysis estimated $252.5 billion in Brazilian crypto transaction volume, even as regional activity contracted 1.6% overall.
New regulatory restrictions taking effect on Oct. 1 bar virtual asset service providers from settling aggregated eFX flows between local institutions and foreign counterparties, though individual international virtual-asset transfers remain allowed.
Why It Matters
Brazil is serving as a practical live environment for Ripple's enterprise model by connecting blockchain tracking directly to traditional financial entities like CSD BR and BTG Pactual. By using a mirroring approach rather than demanding full migration off legacy systems, Ripple reduces adoption friction for regulated financial institutions. If validated, this hybrid custodial framework could act as a template for tokenizing institutional real-world assets across other emerging markets.
