Brazil’s Tokenization Push Accelerates With $2 Billion Credit Plan

Brazil’s securities regulator (CVM) has formalised its tokenisation agenda by establishing a dedicated working group to examine how securities can be registered, custodied, traded and settled on distributed‑ledger technology. At the same time, the tokenisation platform Liqi Digital Assets and the XDC Network have extended their partnership, raising the total issuance target to $2 billion through 2028.

Working group drives regulatory framework

The CVM’s Tokenisation Working Group, created in July, brings together representatives from 14 regulator divisions and is consulting with market bodies such as ANBIMA, ABCripto and ABToken. Its mandate covers custody, registration, trading and settlement of tokenised securities, and it will propose an experimental regime to govern these activities.

Liqi‑XDC partnership expands to $2 billion

Liqi Digital Assets and XDC Network first signed an agreement in April 2025 to issue up to $500 million of real‑world assets (RWA) on XDC over 24 months. The target was reached in roughly 15 months, nine months ahead of schedule, making Liqi the largest issuer of yield‑bearing assets on XDC. The renewed two‑year agreement adds $1.5 billion to the original $500 million, bringing the total planned issuance to $2 billion.

To date, Liqi reports $835 million tokenised across 386 series and 60 asset pools, supported by 378 smart contracts on the XDC mainnet. Issued assets include trade receivables, payroll‑deductible loans, debentures, corporate credit and Brazilian receivable certificates, with participation from institutions such as Itaú BBA, Banco BV, Banco ABC Brasil and Creditas.

Tokenised credit gains traction in the RWA market

Tokenised credit now represents a growing slice of the broader RWA market, which RWA.xyz tracks at $7.82 billion of distributed tokenised credit and $37.73 billion of represented credit assets. Ethereum leads the sector with roughly $17.6 billion of tokenised credit value, followed by BNB Chain, Solana and Stellar.

Regulatory and infrastructure alignment

Brazil’s Central Bank is also exploring tokenised finance through its Drex platform, a DLT‑based environment for regulated intermediaries. The convergence of commercial issuance and regulatory development suggests that tokenised credit could move from pilot projects to repeat issuance involving regulated banks and originators.

The $2 billion target remains forward‑looking; $1.5 billion is scheduled for on‑chain issuance over the next two years. Achieving this volume would demonstrate that tokenised credit can scale within Brazil’s established financial system.