Brazilian market operator CSD BR, which oversees about $4 trillion in registered assets, has begun mirroring BTG Pactual fund ownership records on the XRP Ledger (XRP) with Ripple.
Key Points:
- CSD BR is copying ownership records for selected BTG Pactual fund shares onto the public XRP Ledger.
- Its own database stays the legal record, while approved institutions can check both copies in near real time.
- The partners plan to test native issuance of real estate and agribusiness receivables next.
CSD BR Mirrors BTG Pactual Funds
The depository will use the public blockchain as a second record of who owns shares in selected BTG Pactual investment funds, Ripple said on Sept. 29. Its own database stays the official record for registration, custody and settlement, and the registered assets are not moving onto the ledger.
The fund shares appear on the ledger as tokens under its Multi-Purpose Token standard. Approved banks and companies can check that copy against CSD BR's database in near real time, instead of reconciling their own books after the fact.
CSD BR can still freeze assets or reverse transactions on a regulator's or court's order, and only vetted Brazilian corporate and banking clients can take part.
The $4 trillion figure covers CSD BR's entire registry, not just the tokenized funds.
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Ripple Eyes Native Issuance
Daniel Polano Spreafico, head of products and clients at CSD BR, said the company picked mirroring because it is "the safest and most responsible way" to bring new technology into critical market infrastructure. Silvio Pegado, Ripple's managing director for Latin America, called the move from pilots to live record-keeping in a national capital market a major milestone for the industry. Ripple said no licensed depository had done this on a public blockchain before.
Once the mirroring phase is validated, the partners plan to test native issuance and trading of real estate and agribusiness receivables. Assets issued directly on a blockchain can settle in seconds, compared with a day or more for ordinary securities trades.
XRP Price Barely Reacts
The news did little for XRP. Some holders complained on X that another Ripple partnership had failed to lift the price. Settlement stays inside CSD BR's systems for now, and the setup relies on the ledger rather than XRP as a settlement asset.
XRP rallied 28.5% in August, its best August since 2021, and entered September near $1.36. It traded near $1.49 on Wednesday, up about 9.6% over 30 days but still roughly 59% below its $3.65 all-time high.
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