- CSD BR is now live with tokenizing BTG Pactual fund share records on the XRP Ledger.
- The blockchain records mirror official records, which remain legally binding for ownership.
- The initiative uses the Multi-Purpose Token standard for near real-time verification.
- No new regulatory approval was required, contrasting with the CVM’s pending simulation tests.
CSD BR, a Brazilian central securities depository, has launched a live tokenization initiative with Ripple, placing BTG Pactual fund share records on the public XRP Ledger. The move shifts from prior testing phases to production, though the tokenized shares represent a minimal portion of CSD BR’s overall business.
Built on the XRP Ledger’s Multi-Purpose Token standard, the tokens enable approved banks and companies to cross-check the blockchain copy against the official record in near real time. Neither CSD BR nor Ripple clarified whether participants can transfer the tokens independently or if the blockchain merely tracks changes in CSD BR’s internal records.
The announcement confirms CSD BR retains its existing powers over the underlying assets, but it does not specify who controls the tokens themselves. Consequently, the legal status of the tokenized shares remains tied to the depository’s official registry.
No additional regulatory clearance was necessary, according to both companies, since the participants’ legal obligations are unchanged. This approach contrasts with the securities regulator CVM, which is planning tokenization tests using simulated transactions.
“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, Head of Products and Clients at CSD BR. Meanwhile, the broader Brazilian securities market continues to monitor how these live operations may influence future regulatory frameworks.
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