CSD BR to mirror BTG Pactual fund share records on the XRP Ledger with Ripple
Brazil's CSD BR will mirror BTG Pactual investment fund share ownership on the XRP Ledger, with its own systems staying the official record.
Why it matters
CSD BR sits inside Brazil's regulated capital markets and is authorised by the Central Bank of Brazil and CVM, so a public blockchain record-keeping layer there reaches well beyond a closed pilot. The near-term scope stays narrow: CSD BR only mirrors records, does not issue or trade them natively, and access is limited to vetted institutional clients. Broader use depends on later phases that have not been scheduled.
Key facts
CSD BR and Ripple announced a partnership on September 29 to mirror investment fund ownership records from CSD BR onto the XRP Ledger.
Reported by U.Today
The first phase covers shares of Brazilian investment bank BTG Pactual's investment funds held at CSD BR.
Reported by U.Today
The tokenized fund shares use the XRP Ledger's Multi-Purpose Token (MPT) standard.
Reported by Crypto.News
CSD BR's own systems remain the official record for registration, deposit and settlement while the XRP Ledger copy is an additional audit layer.
Reported by Bitcoin.com News
CSD BR controls token issuance, participant approval, administration, asset freezing and transaction reversals ordered by a regulator or court, while Ripple provides the custody infrastructure.
Reported by CryptoPotato
Only Brazilian corporate and banking clients that pass KYC and AML checks can use the permissioned setup.
Reported by Crypto.News
The companies called it the first use of a public blockchain by a central securities depository to mirror securities ownership records.
Reported by Bitcoin.com News
What happened
Brazilian central securities depository CSD BR and Ripple announced on September 29 that CSD BR will copy investment fund ownership records onto the public XRP Ledger as an extra record and audit layer, starting with shares of Brazilian investment bank BTG Pactual held at CSD BR. The shares will be tokenized using the XRP Ledger's Multi-Purpose Token (MPT) standard, and authorised participants can compare the onchain copy with CSD BR's official records in near real time. CSD BR keeps control of issuing and administering the tokens, approving participants, freezing individual assets and reversing transactions on the order of a regulator or court, and its own systems remain the official record for registration, deposit and settlement. Ripple provides the custody infrastructure, and only Brazilian corporate and banking clients that pass KYC and AML checks can use the permissioned setup. CSD BR says it has more than BRL 22 trillion in registered assets, which Unchained converted to about $4.2 trillion. The companies described the arrangement as the first use of a public blockchain by a central securities depository to mirror securities ownership records, and Ripple's Luke Judges called it the first time the XRP Ledger is publicly integrated into core financial market infrastructure at that scale. Later phases could add native issuance and authorised trading, and Crypto.News and CryptoSlate list Brazilian real estate and agribusiness debt securities among possible future additions, but no dates or commitments for those phases have been announced. Separately, CryptoSlate reported that RippleX executive Markus Infanger told Estadão's E-Investidor in a September 28 interview that about $2.7 billion of the $6.7 billion in tokenised real-world assets he counted on the XRP Ledger sits in Brazil.
How the story developed
- Official statement
Ripple and CSD BR announce first phase of XRP Ledger record mirroring
CSD BR announced on Sept. 29 that it will mirror BTG Pactual investment fund share ownership records on the XRP Ledger, with CSD BR systems remaining the official record.
- First report
First report by U.Today
XRP Ledger Tapped for Brazil's $4 Trillion Securities Market
- Official statement
Official statement from Bitcoin.com News
Ripple Brings XRP Ledger to Brazil’s BRL 22 Trillion Asset System
- Update
Outlets report the permissioned access model and CSD BR's control over token issuance
Coverage set out that only vetted Brazilian corporate and banking clients can join and that CSD BR approves participants, freezes assets and reverses transactions on regulator or court orders.
- Update
Unchained and CryptoSlate carry later detail on Brazil's share of XRPL tokenised assets
Both outlets reported the E-Investidor figures and described CSD BR as mirroring records only, with native issuance and trading left to later phases.
How coverage built up
Independent sources over time, counted the way the consensus panel counts them: a republication of a wire story does not move the line.
- 29 Sept 2026, 20:18 UTC: U.Today — 1 independent source, 1 reports
- 30 Sept 2026, 02:10 UTC: Bitcoin.com News, official — 2 independent sources, 2 reports
- 30 Sept 2026, 02:22 UTC: Bitcoin Insider — 3 independent sources, 3 reports
- 30 Sept 2026, 04:03 UTC: Crypto.News — 4 independent sources, 4 reports
- 30 Sept 2026, 07:22 UTC: CryptoPotato — 5 independent sources, 5 reports
- 30 Sept 2026, 09:07 UTC: TheNewsCrypto — 6 independent sources, 6 reports
- 30 Sept 2026, 10:33 UTC: Unchained — 7 independent sources, 7 reports
- 1 Oct 2026, 10:00 UTC: CryptoSlate — 8 independent sources, 8 reports
Affected entities
Also mentioned: Chainalysis, Base, U.S. Securities and Exchange Commission, JPMorgan, Mastercard
Original sources
| Publisher | Report | Role | Published |
|---|---|---|---|
| Bitcoin.com News Company, official | Ripple Brings XRP Ledger to Brazil’s BRL 22 Trillion Asset System | Independent | |
| U.Today Crypto media | XRP Ledger Tapped for Brazil's $4 Trillion Securities Market | Original | |
| Unchained Crypto media | Brazilian Depository With $4.2 Trillion in Assets Taps XRP Ledger to Mirror Fund Shares | Independent | |
| CryptoSlate Crypto media | Ripple quietly made Brazil the center of its XRPL tokenization push | Independent | |
| Crypto.News Crypto media | Ripple puts Brazilian fund records on XRP Ledger | Independent | |
| CryptoPotato Crypto media | Major Ripple (XRP) Partnership Targeting Brazil’s $22 Trillion Financial Market Infrastructure | Independent | |
| TheNewsCrypto Crypto media | Ripple and CSD BR Bring XRP Ledger Into Brazil’s BRL 22 Trillion Market | Syndicated | |
| Bitcoin Insider Aggregator | XRP Ledger to Mirror Securities Records Under New Ripple-CSD BR Partnership | Syndicated |
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