CSD BR Mirrors BTG Pactual Fund Records on XRP Ledger

CSD BR, the Brazilian market infrastructure provider that manages more than 22 trillion reais (about $4 trillion) in registered assets, has begun putting ownership records for selected BTG Pactual investment funds on the public XRP Ledger, according to Coincentral. The company said on Sept. 29 that its own database will remain the official source for registration, custody and settlement.

The arrangement is a mirror, not a migration. Banks and approved companies can compare the ledger copy against CSD BR’s regulated systems, a step intended to cut delays during record checks. Crypto.news and Cryptobriefing reported that the project runs inside CSD BR’s existing market infrastructure in a live regulated setting, rather than as a closed proof of concept.

Key facts

• CSD BR oversees more than BRL 22 trillion in registered assets, a figure confirmed by both Crypto.news and Cryptobriefing, while Coincentral lists it at about $4 trillion.
• BTG Pactual investment fund shares are the first assets represented on XRPL, using the ledger’s Multi-Purpose Token standard.
• Access is restricted to corporate and banking customers in Brazil that have completed Know Your Customer and anti-money-laundering checks.
• CSD BR can freeze individual assets or reverse a transaction on regulatory or judicial orders.
• Ripple and CSD BR said the phase required no new regulatory approvals under Brazil’s current framework, per Cryptobriefing.

Control stays with the depository

CSD BR is not handing ownership rights to the blockchain. Its internal systems remain legally responsible for recording who owns each security and for deposits and settlements, and investors and issuers keep using the same processes during this first phase. The ledger adds an audit layer that authorized participants can check close to real time, per Crypto.news; Coincentral describes the same setup, noting each update, including reversals, is visible.

Ripple’s custody technology sits alongside native XRP Ledger functions, according to Crypto.news, which also reported that the amounts or specific funds under test were not disclosed. Neither report named an individual BTG Pactual fund or its value.

Cryptobriefing noted that CSD BR is supervised by Brazil’s securities regulator, the CVM, and the central bank, and processes millions of transactions. Brazil’s central bank separately lists the CSD BR system among the country’s authorized financial-market infrastructures, with permissions covering securities settlement, centralized depository services and asset registration, Crypto.news reported.

Executives frame mirroring as the cautious step

Daniel Polano Spreafico, CSD BR’s head of products and clients, said the company deliberately started with mirrored records because it is the safest and most responsible way to bring a new technology into critical market infrastructure. Luis Furtado, the BTG Pactual partner responsible for market infrastructure, said mirroring fund shares creates a concrete foundation for future developments while preserving current processes and the official record.

Ripple Managing Director for Latin America Silvio Pegado called the shift from testing into live record keeping a major step for regulated blockchain infrastructure, per Crypto.news. Ripple also published a Sept. 30 post describing the partnership as bringing Brazil’s regulated capital markets onchain, starting with BTG Pactual fund shares. Crypto.news noted that a licensed central securities depository recording securities ownership on a public blockchain is a first.

Why it matters

Using the XRP Ledger does not automatically mean the institutions involved buy or hold large amounts of XRP, as crypto.news has previously explained: the token’s direct role can stay limited to network fees, account reserves or specific liquidity routes. That distinction matters here because the headline figure of 22 trillion reais refers to all assets registered across CSD BR’s existing infrastructure, not to the slice of fund shares being mirrored.

The project follows other institutional work on XRPL. Ripple, JPMorgan, Mastercard and Ondo tested redemption of a tokenized U.S. Treasury product on the network earlier in the year, with the blockchain portion completing in roughly five seconds. RWA.xyz data previously reported by crypto.news put net real-world asset additions on XRPL at about $2.6 billion over six months by July, excluding stablecoins.

What to watch

Ripple and CSD BR plan to test direct asset issuance once the mirroring system works as intended, with Brazilian real estate and agribusiness receivables certificates under consideration and no date set. Trading among approved participants and stronger confidentiality features are also on the roadmap. The two companies have not said which confidential Multi-Purpose Token functions would be used if privacy tools are added.

Disclaimer: This article is for information only and is not investment, financial or trading advice. Cryptocurrency prices are highly volatile. Always do your own research.

Sources: CoinCentral, Crypto.news, Cryptobriefing