CSD BR Uses XRP Ledger to Mirror BTG Pactual Fund Ownership Records
The blockchain will provide an additional audit and verification layer, while CSD BR’s existing systems remain the official record for registration, custody and settlement.
Brazilian financial-market operator CSD BR is using the XRP Ledger to mirror ownership records for BTG Pactual investment-fund shares, adding blockchain-based verification while keeping its existing systems as the official source of record.
The rollout initially covers shares in BTG Pactual investment funds held through CSD BR. The shares are being tokenized and mirrored on the XRP Ledger through its Multi-Purpose Token standard, with live transactions moving the project beyond tests involving simulated assets or closed networks.
Registered assets on CSD BR’s platform exceed 22 trillion reais.
The XRP Ledger will operate as an additional query and audit layer. Authorized participants will be able to compare ownership records and validate their consistency in near real time, while CSD BR retains responsibility for registration, custody and settlement.
Only Brazilian corporate and banking clients that pass know-your-customer and anti-money-laundering checks may participate. CSD BR can authorize participants, freeze individual assets and reverse transactions when required by regulatory or judicial orders.
CSD BR’s existing database remains the official source of record for the assets. The arrangement is designed to add blockchain-based checking without replacing the operator’s current infrastructure or control processes.
“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,” said Daniel Polano Spreafico, CSD BR’s head of products and clients.
Brazil’s central bank has authorized CSD BR to provide registration, depository and settlement services, while the securities regulator has authorized its registration and depository operations.
Future phases may add native issuance and trading among authorized participants. Real Estate Receivables Certificates and Agribusiness Receivables Certificates are under consideration, but those functions are not yet operational.
“Mirroring fund shares creates a concrete foundation for future developments while preserving current processes and the official record of the assets,” said Luis Furtado, a BTG Pactual partner responsible for market infrastructure.
