Brazil's CSD BR Mirrors Fund Shares on XRP Ledger with Ripple
Brazil's central securities depository CSD BR has partnered with Ripple to mirror fund shares on the XRP Ledger. This move makes CSD BR the first national market infrastructure to adopt a public blockchain for securities record-keeping.
The partnership involves tokenizing BTG Pactual fund shares held at CSD BR using the Multi-Purpose Token standard. The XRP Ledger will serve as a complementary layer for querying and auditing, allowing authorized participants to check the consistency of records in near real time.
CSD BR's systems will remain the official source of record, with full control over issuance and administration, including freeze and clawback controls.
The move is a major milestone for the industry, according to Silvio Pegado, Ripple's managing director for Latin America. 'Moving beyond pilots and proofs of concept to a live record-keeping infrastructure in a national capital market is a major milestone for the industry.'