XRP Ledger carries the Brazilian CSD BR fund records, involving approximately 4 trillion USD in assets

The regulated operator responsible for the registration, securities custody, and settlement system of the Brazilian financial market, CSD BR, has begun to record the ownership of shares in certain investment funds under BTG Pactual, mirroring them to the public XRP Ledger. CSD BR manages registered assets exceeding 22 trillion Brazilian Reais, approximately 4 trillion US dollars. Its existing database still serves as the official record for registration, custody, and settlement, and the relevant assets have not been transferred to the XRP Ledger; fund shares will be presented in token form on the XRPL.

This blockchain copy aims to allow approved banks and institutions to verify ownership changes in real-time, replacing post-reconciliation, reducing the slow and costly verification process, while retaining identity checks and regulatory controls. Anyone can read the token circulation on the XRPL, but CSD BR still controls who has the right to hold and transfer these tokens. The tokens adopt the multi-purpose token standard of the XRP Ledger, allowing issuers to restrict participants and freeze assets or revoke transactions upon regulatory or court requests, while participants still need to pass identity and anti-money laundering checks.

The project starts with real fund records, distinguishing it from previous pilots that used test assets or closed networks. CSD BR was established in 2018 and is authorized by the Central Bank of Brazil and the securities regulatory authority. After becoming familiar with the mirroring system, CSD BR and Ripple plan to test the direct issuance of assets on the XRP Ledger and allow approved participants to trade, with potential targets including Brazilian real estate receivables and agricultural receivables.