Ripple’s operations in Brazil encompass both cross-border payments and securities registries within a nation that Chainalysis ranked at the top for grassroots cryptocurrency adoption.
On Sept. 29, Ripple and regulated financial market infrastructure operator CSD BR revealed an initial phase to replicate ownership data for BTG Pactual investment fund shares onto the XRP Ledger (XRPL). While this occurs, CSD BR’s infrastructure remains the official source for deposits, registration, and settlement.
This news follows an interview on Sept. 28 where RippleX executive Markus Infanger informed Estadão’s E-Investidor that approximately $2.7 billion out of the $6.7 billion in tokenized real-world financial assets he tracked on the XRPL was located in Brazil.
This indicates that about 40% of the noted asset value resides in a single nation, though this metric measures assets rather than transactional payment volume.
Taken together, these milestones demonstrate how years of expansion have linked Ripple to multiple facets of Brazil’s financial ecosystem. The landscape encompasses institutions transferring funds, platforms distributing stablecoins, and firms administering investment assets, with distinct benchmarks of success for each sector.
Ripple was building there before the ranking
Ripple established its Brazilian office back in 2019 and rolled out XRP-powered payments alongside Travelex Bank in August 2022, meaning these partnerships were forged years before the recent adoption ranking.
By October 2024, its partnership with Mercado Bitcoin for payments initially focused on internal treasury movements between Portugal and Brazil. The announcement framed corporate and retail global payments as future goals rather than active offerings for those users.
Fast forward to March 2026, and Ripple was scaling its institutional portfolio in Brazil across custody, prime brokerage, treasury management, and payments. It listed Banco Genial, Braza Bank, and Nomad as payment clients, while Foxbit, Mercado Bitcoin, and Ripio joined the platforms supporting or listing its dollar stablecoin, RLUSD.
In tandem with this growth, Ripple signaled its intent to pursue a Brazilian virtual asset service provider license.
The same enterprises often tie multiple elements of the strategy together. For instance, Mercado Bitcoin announced in July 2025 that it would tokenize upwards of $200 million in permissioned real-world assets on the XRPL, appending an asset-based relationship to its existing stablecoin and payment ties.
The 2026 adoption index from Chainalysis places Brazil first overall, second in cross-border flows, third in domestic peer-to-peer activity and service flows, and fourth in total balances.
Its updated methodology favors consistent performance across all four categories. Securing the top spot does not imply that Brazil boasts the largest crypto market globally by raw dollar volume, and these structural changes restrict direct comparisons to past rankings.
Chainalysis calculated that Brazilian crypto transactions hit $252.5 billion between July 1, 2025, and June 30, 2026. Furthermore, its Latin America study noted that the country’s crypto sector shrank by 1.6% during that timeframe, meaning leadership in adoption coincided with a market contraction.
For Ripple, the more relevant connection lies in how local enterprises utilize cryptocurrency. The report highlights Brazilian businesses leveraging stablecoins for cross-border transactions and liquidity oversight—use cases that align directly with Ripple’s institutional offerings.
Meanwhile, new restrictions taking effect on Oct. 1 in Brazil will prohibit virtual assets from clearing aggregated eFX flows between providers and overseas counterparties, though individual international transfers involving virtual assets remain allowed.
From represented assets to financial infrastructure
Infanger’s cited total for XRPL assets establishes a reported magnitude for the Brazilian footprint. The $2.7 billion metric reflects the value of tokenized real-world assets tracked on the XRPL.
In October 2025, Ripple reported that VERT’s credit platform managed documentation, lifecycle milestones, and payments via the XRPL and its EVM sidechain. At the time, its pension-receivables fund managed over R$200 million in net assets.
The partnership with CSD BR broadens this methodology into the realm of securities infrastructure. Its initial phase mirrors ownership records for BTG Pactual fund shares utilizing Ripple custody and XRPL tokens, with participation limited to vetted Brazilian corporate and banking entities that clear anti-money-laundering and identity verifications.
Native trading and issuance are planned for subsequent phases once the mirroring process is proven. Presently, the initiative integrates Ripple into established financial workflows without replacing the authoritative securities register with a public blockchain.
This positions Brazil as a real-world proving ground for Ripple’s broader institutional ambitions. While its announcements highlight a web of partnerships spanning investment records, custody, stablecoins, and payments, they do not disclose comparable aggregate metrics regarding active institutional use, RLUSD circulation, or Brazil-specific payment volumes.
Ongoing transaction activity and wider adoption of the CSD BR framework will ultimately determine how deeply these ties mature beyond the reported asset figures.