Ripple and CSD BR announced a first phase on Sept. 29 to mirror BTG Pactual fund-share ownership records on the XRP Ledger (XRPL). According to NS3.AI, CSD BR’s systems will remain the official record for registration, deposit and settlement.

RippleX executive Markus Infanger told Estadão's E-Investidor that about $2.7 billion of the $6.7 billion in tokenized real-world financial assets he counted on XRPL was in Brazil. Native issuance and trading are expected only after the record-mirroring phase is validated.

The project expands Ripple’s existing ties in Brazil across payments, stablecoins and investment assets. However, the announcements did not provide comparable figures for Brazil-only payment volume or active institutional usage.