Brazil's $4.2 Trillion Depository Taps XRP Ledger for Fund Share Record-Keeping
CSD BR, Brazil's central securities depository with over $4.2 trillion in assets, has partnered with Ripple to use the XRP Ledger for record-keeping of fund shares. This marks a significant milestone for the industry as it is the first time a central securities depository will use a public blockchain to mirror who owns which securities.
The partnership involves tokenizing shares in BTG Pactual investment funds held at CSD BR using the XRP Ledger's Multi-Purpose Token (MPT) standard. Authorized participants can check the onchain copy against the official records 'in near real time.'
Only corporate and banking clients in Brazil that pass know-your-customer and anti-money laundering checks can use the permissioned setup, with CSD BR retaining control over issuing and administering the tokens.