Anbima (Brazilian Financial and Capital Markets Association) has become the first institution in Brazil to spearhead an experimental pilot project for a distributed ledger technology (DLT) network, aiming to lay the groundwork for the future of tokenized assets in the country’s capital markets. This initiative, under a supervised and collaborative environment, marks a pioneering step in testing blockchain applications in the issuance and trading of financial instruments, assessing its benefits, risks, and regulatory implications.

“Tokenization is part of the financial sector’s transformation journey. This is an important opportunity to explore new ground collaboratively, with a project designed by the market and for the market,” said Anbima Chairman Carlos André. “Innovation is part of the association’s DNA, and we are committed to helping the institutions we represent explore emerging trends and technologies, creating solutions that will shape the future of Brazil’s capital markets,” he added.

Simulated assets

The pilot project focuses on investment funds and debentures (corporate bonds), simulating the full lifecycle of a tokenized asset, from structuring to settlement. This approach allows participants to replicate real market challenges and gain practical insights into standardization and integration, enabling a better assessment of how this technology can enhance the efficiency of financial infrastructure.

The initiative also aims to address the current fragmentation of blockchain networks in Brazil, which has limited the growth of the secondary market for tokenized assets. Additionally, the findings could help streamline processes and cross-border trading, provided regulatory requirements are met.

According to Eric Altafim, Anbima’s director, it is only natural for the association to lead such an initiative. “Our role is to accelerate market development and ensure that this experimental journey happens with governance, transparency, and broad participation. Anbima serves as a bridge between institutions and regulators, creating the conditions for the market to safely test new ideas and collaborate on building solutions that meet the industry’s needs,” he said.

Governance

The pilot project is being led by the Anbima Innovation Network, a multidisciplinary group created to connect the financial sector with the innovation ecosystem. Governance was structured to ensure transparency, broad participation, and balance among stakeholders. It includes four levels:

• A working group of specialists tasked with implementing the pilot;
  
  
  

• A technical and business committee, composed of member institutions, responsible for technical validation;
  
  
  

• A management committee, Anbima’s top decision-making body; and
  
  
  

• A supervisory committee bringing together Anbima, the Central Bank of Brazil, and the Securities and Exchange Commission of Brazil (CVM) for institutional dialogue.

Timeline

Both Anbima members and non-members may participate in the pilot. Proposals for use cases will open in December, and testing is expected to begin in 2026, following mandatory training for the selected institutions.

About Anbima

Anbima (Brazilian Financial and Capital Markets Association) represents more than 300 institutions across various segments, including commercial, multiple, and investment banks; asset managers; brokerages; securities distributors; and investment advisors. The association plays a leading and innovative role in representing the sector’s interests, promoting self-regulation and voluntary supervision, disseminating information that fosters sustainable market growth, and advancing financial education for professionals, investors, and society at large.