CSD BR, a Brazilian financial market infrastructure authorized by the country’s Central Bank and securities regulator, began mirroring BTG Pactual investment fund shares on the XRP Ledger CSD
Ripple and CSD BR announced in a press release published on Ripple’s official site on September 29, 2026 that CSD BR has begun mirroring BTG Pactual investment fund shares on the XRP Ledger, under the headline “CSD BR and Ripple Use the XRP Ledger Blockchain to Expand Brazil’s Financial Market Infrastructure.”
CSD BR is a financial market infrastructure authorized by Brazil’s Central Bank and its securities commission to provide registration, depository, and settlement services, and the release states that it oversees more than BRL 22 trillion in registered assets. Under the new arrangement, shares of a BTG Pactual investment fund are being tokenized and mirrored onto the XRP Ledger using Ripple’s Multi-Purpose Token, or MPT, standard, a token format designed for representing regulated financial instruments onchain.
Crucially, the release specifies that CSD BR’s own systems remain the official legal record of ownership; the XRP Ledger entry functions as a complementary auditing layer rather than replacing the existing regulated infrastructure. Daniel Polano Spreafico, CSD BR’s head of products and clients, explained the cautious approach in the release: “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.”
Silvio Pegado, Ripple’s managing director for Latin America, called the deployment “a major milestone for the industry,” saying it represents “moving beyond pilots and proofs of concept to a live record-keeping infrastructure in a national capital market.” Luis Furtado, a partner at BTG Pactual, framed the project as a foundation for further development, saying that “mirroring fund shares creates a concrete foundation for future developments while preserving current processes and the official record of the assets.”
The deployment adds Brazil, and specifically its BRL 22 trillion central securities depository, to the small but growing list of national-level financial market infrastructures experimenting with blockchain-based record mirroring for regulated fund shares. Starting with a conservative, mirror-only approach rather than making the blockchain the authoritative record lets CSD BR and BTG Pactual test the technology’s reliability at scale before any future step toward using the XRP Ledger, or a similar chain, as the primary settlement layer for Brazilian fund shares.
This post first appeared in CSD BR and Ripple Mirror BTG Pactual Fund Records on the XRP Ledger
