Brazilian CSD Goes Live Mirroring BTG Pactual Fund Shares on XRP Ledger
Key points
- CSD BR and Ripple have moved their BTG Pactual fund-share tokenisation project from testing to live operation on the public XRP Ledger.
- Each token mirrors CSD BR's official ownership record, which remains the legal source of title; the blockchain copy does not supplant the depository's books.
- Tokens are built on the XRP Ledger's Multi-Purpose Token standard and enable approved banks and companies to verify on-chain data against official records in near real time.
- No new regulatory approval was required because participants' legal responsibilities are unchanged, distinguishing this approach from CVM's planned tests using simulated transactions.
- Whether participants can move tokens autonomously or whether the blockchain merely follows CSD BR's internal record changes was not addressed in the announcement.
CSD BR, Brazil’s central securities depository, has moved from testing to live operation in a partnership with Ripple, placing mirrored records of BTG Pactual investment fund shares on the public XRP Ledger. Each token on-chain reflects CSD BR’s authoritative ownership record rather than replacing it; legal title remains anchored to the depository’s official books.
The tokens are built on the XRP Ledger’s Multi-Purpose Token standard and allow approved banks and companies to check the blockchain copy against the canonical record in near real time. A structural question left open in the announcement is whether participants can transfer tokens independently or whether the on-chain record simply tracks changes made within CSD BR’s own systems, with the depository retaining full control of the underlying assets.
The companies say no additional regulatory approval was required because participants’ legal obligations are unchanged by the mirroring arrangement. That stands in deliberate contrast to the Brazilian securities regulator CVM, which is separately planning tokenisation tests using simulated rather than live transactions. CSD BR’s head of products and clients, Daniel Polano Spreafico, described the record-mirroring approach as the safest and most responsible way to introduce new technology into critical market infrastructure, a framing that signals cautious sequencing over near-term functional ambition.
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