Brazilian Financial Market Infrastructure Mirrors Fund Shares on XRP Ledger
Ripple and CSD BR, a Brazilian financial market infrastructure, have announced that they are mirroring BTG Pactual investment fund shares on the XRP Ledger. This move marks a significant milestone for the industry, as it represents a live record-keeping infrastructure in a national capital market.
CSD BR oversees over BRL 22 trillion in registered assets and has chosen to start with record mirroring because it is considered the safest and most responsible way to introduce new technology into critical market infrastructure.
The shares are tokenized using the Multi-Purpose Token (MPT) standard on the XRP Ledger, but CSD BR's own systems remain the official legal record of ownership. This cautious approach allows for testing of the technology's reliability at scale before any future steps towards using the XRP Ledger as the primary settlement layer.
Ripple's managing director for Latin America, Silvio Pegado, called this deployment 'a major milestone for the industry'. Luis Furtado, a partner at BTG Pactual, framed it 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.