Roughly 40% of the $6.7 billion in tokenized real-world financial assets tracked on the XRP Ledger sits in Brazil, RippleX executive Markus Infanger said in a Sept. 28 interview with Estadão's E-Investidor.

That $2.7 billion concentration makes the country the geographic anchor of Ripple's tokenization footprint, though the figure counts represented assets rather than payment flow or stablecoin circulation.

On Sept. 29, Ripple and CSD BR, a regulated financial market infrastructure operator, announced the first phase of a project to mirror ownership records for BTG Pactual investment fund shares on XRPL. CSD BR retains the official register for registration, deposit and settlement. Native issuance and trading on the ledger are slated for later phases once mirroring proves reliable.

What does the CSD BR tie-up change?

The arrangement gives Ripple a foothold inside existing securities infrastructure without making the public blockchain the authoritative register. Only participants subject to identity and anti-money-laundering checks can access the mirrored records.

The first phase uses XRPL tokens and Ripple custody, effectively turning the ledger into a parallel record-keeping layer for a regulated market operator. Ripple could pitch the same template to additional infrastructure clients elsewhere in Latin America.

How did Brazil become Ripple's center of gravity?

Ripple opened a Brazilian office in 2019, years before Chainalysis's 2026 ranking. In August 2022, the company announced XRP-enabled payments with Travelex Bank. An October 2024 Mercado Bitcoin partnership initially targeted internal treasury transfers between Brazil and Portugal, with corporate and retail international payments framed as future work.

In March 2026, Ripple expanded its Brazilian institutional offering across payments, custody, prime brokerage and treasury management. It named Banco Genial, Braza Bank and Nomad as payments users, while Mercado Bitcoin, Foxbit and Ripio listed or supported its dollar stablecoin, RLUSD. The company also disclosed plans to apply for a Brazilian virtual asset service provider license.

The same platforms connect multiple parts of the strategy. Mercado Bitcoin announced plans in July 2025 to tokenize more than $200 million in permissioned real-world assets on XRPL, layering an asset relationship on top of its payments and stablecoin connections. In October 2025, Ripple said VERT's credit platform recorded lifecycle events, documentation and payments on XRPL and its EVM sidechain, with a pension-receivables fund holding more than R$200 million in net assets.

What does Brazil's adoption ranking actually mean?

Chainalysis's 2026 Global Crypto Adoption Index placed Brazil first overall, second for cross-border flows, third for service flows and domestic peer-to-peer activity, and fourth for balances. The firm estimated $252.5 billion in Brazilian crypto activity between July 1, 2025, and June 30, 2026.

First place does not mean Brazil has the world's largest crypto market by raw dollar volume. Chainalysis revised its methodology to reward broad performance across the four sub-measures, and Brazil's crypto economy contracted 1.6% during the measurement window. Adoption leadership and a shrinking aggregate can coexist.

What regulatory shift is coming?

Brazil's restrictions take effect Oct. 1 and bar virtual assets from settling aggregated eFX flows between providers and foreign counterparties. Individual international virtual-asset transfers remain permitted.

The rule reshapes the corridor Ripple's Brazilian partners have used for treasury transfers between Brazil and Portugal. It places compliance weight on operators handling institutional flows. Sustained transaction volume on the CSD BR mirror and broader use of RLUSD will show how far Ripple's Brazilian connections translate from announced relationships into recurring revenue.