Ripple's Brazilian foothold spans cross-border payments and securities records in a country Chainalysis ranked first for grassroots crypto adoption.

Ripple and CSD BR, a regulated financial market infrastructure operator, announced a first phase on Sept. 29 to mirror ownership records for BTG Pactual investment fund shares on the XRP Ledger (XRPL). CSD BR's systems will remain the official record for registration, deposit, and settlement.

The announcement follows a Sept. 28 interview in which 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.

That puts roughly 40% of the reported asset value in one country, although the measure reflects assets rather than payment activity.

Together, the developments show how Ripple's years of expansion have connected it to several parts of Brazil's financial system. The opportunity spans institutions moving money, platforms distributing stablecoins, and firms managing investment assets, with different measures of success for each.

Ripple opened its Brazilian office in 2019 and announced XRP-enabled payments with Travelex Bank in August 2022. Those relationships predate the new adoption ranking by years.

In October 2024, its Mercado Bitcoin payments partnership initially targeted internal treasury transfers between Brazil and Portugal. The release described corporate and retail international payments as future plans, rather than services already available to those customers.

By March 2026, Ripple was expanding its Brazilian institutional offering across payments, custody, prime brokerage and treasury management. It named Banco Genial, Braza Bank and Nomad among payments users, while Mercado Bitcoin, Foxbit and Ripio were among platforms listing or supporting its dollar stablecoin, RLUSD.