Ripple Dominates Brazil's Financial System with XRP Tokenization Push
Ripple has established itself as a significant player in Brazil's financial system, expanding its presence through various partnerships and initiatives. The company announced that it will mirror ownership records for BTG Pactual investment fund shares on the XRP Ledger (XRPL) with CSD BR, a regulated financial market infrastructure operator.
This move is part of Ripple's broader strategy to connect itself to different parts of Brazil's financial system, including institutions moving money, platforms distributing stablecoins, and firms managing investment assets. According to Markus Infanger, executive at RippleX, about $2.7 billion of the $6.7 billion in tokenized real-world financial assets on XRPL is in Brazil, representing roughly 40% of the reported asset value.
Ripple has been building its presence in Brazil for several years, opening its Brazilian office in 2019 and announcing XRP-enabled payments with Travelex Bank in August 2022. The company has also expanded its institutional offering across payments, custody, prime brokerage, and treasury management, with several banks and platforms already using its services.