Ripple Dominates Brazil's Tokenization Scene
Ripple has made significant inroads into Brazil's financial system, particularly in tokenization and cross-border payments. According to Chainalysis' adoption index, Brazil ranks first overall for grassroots crypto adoption and second for cross-border flows. Ripple's partnership with CSD BR, a regulated financial market infrastructure operator, is a key part of this push.
The two companies announced the first phase of their collaboration in September 2022, which involves mirroring ownership records for BTG Pactual investment fund shares on the XRP Ledger (XRPL). This mirrors around $2.7 billion of the $6.7 billion in tokenized real-world financial assets counted by RippleX executive Markus Infanger.
Ripple has been expanding its presence in Brazil since 2019, when it opened its Brazilian office. Its partnership with Travelex Bank, announced in August 2022, enabled XRP-enabled payments. The company has also partnered with Mercado Bitcoin, which plans to tokenize more than $200 million in permissioned real-world assets on XRPL.
Chainalysis estimated that there was around $252.5 billion in Brazilian crypto activity between July 1, 2025, and June 30, 2026. However, the report also noted that Brazil's crypto economy contracted by 1.6% during this period, highlighting a slowdown in adoption.