CSD BR and Ripple to mirror BTG fund records on XRP Ledger

Brazilian market infrastructure operator CSD BR and Ripple announced on Sept. 29 a plan to mirror BTG Pactual investment fund shares on the XRP Ledger, adding a blockchain record while CSD BR keeps the official register. The [Ripple announcement](https://ripple.com/ripple-press/csdbr-and-ripple-use-the-xrpl-blockchain-to-expand-brazils-financial-market-infrastructure/) says the first phase will use the ledger for recording and auditing; CSD BR’s systems will remain the source for registration, deposit and settlement.

CSD BR reports more than 22 trillion Brazilian reais in registered assets. CoinDesk described that total as roughly $4 trillion, but the announcement does not say that amount will be tokenized or moved onto the XRP Ledger.

How will the fund records appear on the ledger?

In the first phase, shares in BTG Pactual funds deposited at CSD BR will be tokenized and mirrored on XRPL using its Multi-Purpose Token standard, according to Ripple. The blockchain copy is intended to let authorized participants check record consistency for querying and auditing in near real time.

The [CoinDesk report](https://www.coindesk.com/tech/2026/09/30/xrp-ledger-starts-carrying-fund-records-from-brazil-operator-overseeing-usd4-trillion) says the mirror is a second record of fund-share ownership, while CSD BR’s database remains the official record. The underlying assets are not being transferred to the ledger.

Who can access or control the tokens?

Although XRPL is a public blockchain, the project’s environment will be permissioned, with access restricted to corporate and banking clients in Brazil who meet know-your-customer and anti-money-laundering requirements, Ripple said. CSD BR will control issuance and administration, including participant authorization.

Ripple says CSD BR will also be able to freeze individual assets or reverse transactions when required by a regulatory or judicial order. CSD BR executive Daniel Polano Spreafico said current processes for investors, issuers and participants would remain unchanged during this phase as the operator evaluates the system under real operating conditions.

What could follow the record-mirroring phase?

After the mirroring phase is validated, CSD BR and Ripple envision expanding to native asset issuance and trading among authorized participants, according to the announcement. Potential assets include Brazilian Real Estate Receivables Certificates and Agribusiness Receivables Certificates; the release gives no launch date for those steps.

The initial project adds a tokenized record for selected fund shares alongside CSD BR’s existing infrastructure. It does not replace that infrastructure’s official role in registration, deposit and settlement.