CSD BR, a Brazilian central securities depository, is tokenizing BTG Pactual investment fund share records on the public XRP Ledger in a partnership with Ripple. Each tokenized fund share mirrors CSD BR’s official records, which remain the legal source of ownership. Both companies describe it as a move from testing to live operation, although fund shares are a tiny part of CSD BR’s business.
Built on the XRP Ledger’s Multi-Purpose Token standard, the tokens let approved banks and companies check the blockchain copy against the official record in near real time. Neither company said whether participants can move the tokens themselves or whether the blockchain simply follows changes in CSD BR’s own records. The announcement describes CSD BR’s existing powers over the underlying assets but does not address control of the tokens.
No new regulatory approval is needed, the companies said, because participants’ legal responsibilities are unchanged. That 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.
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