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Anbima tokenization pilot moves into integrated testing
Published September 28, 2026
To share
Simulations of tokenized funds and corporate bonds are generating evidence on technology, governance and future market infrastructure
The Tokenization Pilot Project led by Anbima (Brazilian Financial and Capital Markets Association) has entered a new stage, with participating institutions now executing integrated simulations of tokenized corporate bonds and investment funds.
The shift from preparation to testing brings the project closer to its main goal — understanding how tokenized securities could work across their full lifecycle and documenting the operational, technological and governance questions that emerge in practice. The findings will form the basis for the next stage, when evidence from the simulations will be consolidated.
For Anbima, the pilot is a way to explore what a future capital market infrastructure could require before any model is considered for broader adoption. Rather than starting with a predetermined solution, the project uses controlled experimentation to identify what works, what remains unresolved and where further analysis is needed.
Testing moves forward
Market interest in the project has been significant. Anbima received 39 proposals for the testing stage and selected 20, involving more than 50 institutions, including banks, asset managers and technology companies.
Before reaching integrated testing, the project went through a series of stages that included mobilizing participants, building a common understanding of distributed ledger technology (DLT) and the use cases, defining the corporate bond and investment fund lifecycles, designing the operating model and configuring the technology environments.
A market lab in operation
The pilot is entirely simulated: no real assets, investors, funds or market transactions are involved. Participating institutions operate in a private, permissioned DLT environment under common access and testing rules.
The pilot uses corporate bonds and investment funds to test coordinated processes across the securities lifecycle. It also examines how the two asset classes can operate within the same infrastructure:
Tokenized corporate bonds: from structuring and issuance through distribution, servicing, scheduled events and settlement.
Tokenized investment funds: subscriptions, positions, recurring events, redemptions and settlement.
Integrated operation: interaction between both asset lifecycles within the same infrastructure, including coordination among institutions across connected processes.
This broader scope is important because the instruments serve as laboratories for market infrastructure. What is being observed is not only the performance of the technology, but also how institutional roles, processes and controls would have to fit together in a DLT-based environment.
Turning simulations into evidence
The experiment itself is organized around three workstreams: business, technology and governance.
The business workstream examines lifecycle flows, institutional interactions, operating models and participant experience. Technology testing covers areas such as architecture, smart contracts, data models, integration, interoperability and resilience. Governance focuses on roles, permissions, decision-making, controls and accountability within the network.
Regulatory implications are assessed through what those simulations reveal. There is no separate regulatory test: questions about regulated activities, responsibilities, investor protection or potential gaps arise as the business, technology and governance models are put into operation.
This approach allows the pilot to move beyond a proof of concept. Its output is intended to be a structured body of evidence on how different parts of a tokenized market could interact — and where interoperability, resilience, governance or regulatory issues may need to be addressed.
From regulation to future infrastructure
The pilot is one of two complementary fronts in Anbima’s tokenization agenda.
The Association also participates in the Tokenization Working Group led by the CVM (Securities and Exchange Commission of Brazil), contributing market perspectives and technical expertise to discussions on the regulatory, infrastructure, cybersecurity and governance implications of DLT in Brazil’s securities market. The pilot, meanwhile, provides the practical experimentation that can help inform those discussions.
Brazil is simultaneously strengthening the foundations of its digital-asset framework and examining how future capital market infrastructure might operate.
The combination of regulatory dialogue and experimentation reflects the evolution of Anbima’s work on digital assets. Since 2019, the agenda has moved from initial studies of cryptoassets and DLT to market rules, tokenization best practices, practical testing and the development of self-regulatory approaches.
Building the evidence for what comes next
The pilot’s next milestone will be the consolidation of the results produced during integrated testing.
For Anbima, this evidence-building role is one of the project’s main contributions. Tokenization may change how financial assets are issued and serviced, but its broader implications depend on how infrastructure, institutions and rules evolve together.
By testing those interactions before scale, the pilot gives market participants and regulators a practical basis for discussing what the next generation of Brazil’s capital market infrastructure could look like.
Anbima tokenization pilot moves into integrated testing
Published September 28, 2026
To share
Simulations of tokenized funds and corporate bonds are generating evidence on technology, governance and future market infrastructure
The Tokenization Pilot Project led by Anbima (Brazilian Financial and Capital Markets Association) has entered a new stage, with participating institutions now executing integrated simulations of tokenized corporate bonds and investment funds.
The shift from preparation to testing brings the project closer to its main goal — understanding how tokenized securities could work across their full lifecycle and documenting the operational, technological and governance questions that emerge in practice. The findings will form the basis for the next stage, when evidence from the simulations will be consolidated.
For Anbima, the pilot is a way to explore what a future capital market infrastructure could require before any model is considered for broader adoption. Rather than starting with a predetermined solution, the project uses controlled experimentation to identify what works, what remains unresolved and where further analysis is needed.
Testing moves forward
Market interest in the project has been significant. Anbima received 39 proposals for the testing stage and selected 20, involving more than 50 institutions, including banks, asset managers and technology companies.
Before reaching integrated testing, the project went through a series of stages that included mobilizing participants, building a common understanding of distributed ledger technology (DLT) and the use cases, defining the corporate bond and investment fund lifecycles, designing the operating model and configuring the technology environments.
A market lab in operation
The pilot is entirely simulated: no real assets, investors, funds or market transactions are involved. Participating institutions operate in a private, permissioned DLT environment under common access and testing rules.
The pilot uses corporate bonds and investment funds to test coordinated processes across the securities lifecycle. It also examines how the two asset classes can operate within the same infrastructure:
Tokenized corporate bonds: from structuring and issuance through distribution, servicing, scheduled events and settlement.
Tokenized investment funds: subscriptions, positions, recurring events, redemptions and settlement.
Integrated operation: interaction between both asset lifecycles within the same infrastructure, including coordination among institutions across connected processes.
This broader scope is important because the instruments serve as laboratories for market infrastructure. What is being observed is not only the performance of the technology, but also how institutional roles, processes and controls would have to fit together in a DLT-based environment.
Turning simulations into evidence
The experiment itself is organized around three workstreams: business, technology and governance.
The business workstream examines lifecycle flows, institutional interactions, operating models and participant experience. Technology testing covers areas such as architecture, smart contracts, data models, integration, interoperability and resilience. Governance focuses on roles, permissions, decision-making, controls and accountability within the network.
Regulatory implications are assessed through what those simulations reveal. There is no separate regulatory test: questions about regulated activities, responsibilities, investor protection or potential gaps arise as the business, technology and governance models are put into operation.
This approach allows the pilot to move beyond a proof of concept. Its output is intended to be a structured body of evidence on how different parts of a tokenized market could interact — and where interoperability, resilience, governance or regulatory issues may need to be addressed.
From regulation to future infrastructure
The pilot is one of two complementary fronts in Anbima’s tokenization agenda.
The Association also participates in the Tokenization Working Group led by the CVM (Securities and Exchange Commission of Brazil), contributing market perspectives and technical expertise to discussions on the regulatory, infrastructure, cybersecurity and governance implications of DLT in Brazil’s securities market. The pilot, meanwhile, provides the practical experimentation that can help inform those discussions.
Brazil is simultaneously strengthening the foundations of its digital-asset framework and examining how future capital market infrastructure might operate.
The combination of regulatory dialogue and experimentation reflects the evolution of Anbima’s work on digital assets. Since 2019, the agenda has moved from initial studies of cryptoassets and DLT to market rules, tokenization best practices, practical testing and the development of self-regulatory approaches.
Building the evidence for what comes next
The pilot’s next milestone will be the consolidation of the results produced during integrated testing.
For Anbima, this evidence-building role is one of the project’s main contributions. Tokenization may change how financial assets are issued and serviced, but its broader implications depend on how infrastructure, institutions and rules evolve together.
By testing those interactions before scale, the pilot gives market participants and regulators a practical basis for discussing what the next generation of Brazil’s capital market infrastructure could look like.
Anbima tokenization pilot moves into integrated testing
Published September 28, 2026
To share
Simulations of tokenized funds and corporate bonds are generating evidence on technology, governance and future market infrastructure
The Tokenization Pilot Project led by Anbima (Brazilian Financial and Capital Markets Association) has entered a new stage, with participating institutions now executing integrated simulations of tokenized corporate bonds and investment funds.
The shift from preparation to testing brings the project closer to its main goal — understanding how tokenized securities could work across their full lifecycle and documenting the operational, technological and governance questions that emerge in practice. The findings will form the basis for the next stage, when evidence from the simulations will be consolidated.
For Anbima, the pilot is a way to explore what a future capital market infrastructure could require before any model is considered for broader adoption. Rather than starting with a predetermined solution, the project uses controlled experimentation to identify what works, what remains unresolved and where further analysis is needed.
Testing moves forward
Market interest in the project has been significant. Anbima received 39 proposals for the testing stage and selected 20, involving more than 50 institutions, including banks, asset managers and technology companies.
Before reaching integrated testing, the project went through a series of stages that included mobilizing participants, building a common understanding of distributed ledger technology (DLT) and the use cases, defining the corporate bond and investment fund lifecycles, designing the operating model and configuring the technology environments.
A market lab in operation
The pilot is entirely simulated: no real assets, investors, funds or market transactions are involved. Participating institutions operate in a private, permissioned DLT environment under common access and testing rules.
The pilot uses corporate bonds and investment funds to test coordinated processes across the securities lifecycle. It also examines how the two asset classes can operate within the same infrastructure:
Tokenized corporate bonds: from structuring and issuance through distribution, servicing, scheduled events and settlement.
Tokenized investment funds: subscriptions, positions, recurring events, redemptions and settlement.
Integrated operation: interaction between both asset lifecycles within the same infrastructure, including coordination among institutions across connected processes.
This broader scope is important because the instruments serve as laboratories for market infrastructure. What is being observed is not only the performance of the technology, but also how institutional roles, processes and controls would have to fit together in a DLT-based environment.
Turning simulations into evidence
The experiment itself is organized around three workstreams: business, technology and governance.
The business workstream examines lifecycle flows, institutional interactions, operating models and participant experience. Technology testing covers areas such as architecture, smart contracts, data models, integration, interoperability and resilience. Governance focuses on roles, permissions, decision-making, controls and accountability within the network.
Regulatory implications are assessed through what those simulations reveal. There is no separate regulatory test: questions about regulated activities, responsibilities, investor protection or potential gaps arise as the business, technology and governance models are put into operation.
This approach allows the pilot to move beyond a proof of concept. Its output is intended to be a structured body of evidence on how different parts of a tokenized market could interact — and where interoperability, resilience, governance or regulatory issues may need to be addressed.
From regulation to future infrastructure
The pilot is one of two complementary fronts in Anbima’s tokenization agenda.
The Association also participates in the Tokenization Working Group led by the CVM (Securities and Exchange Commission of Brazil), contributing market perspectives and technical expertise to discussions on the regulatory, infrastructure, cybersecurity and governance implications of DLT in Brazil’s securities market. The pilot, meanwhile, provides the practical experimentation that can help inform those discussions.
Brazil is simultaneously strengthening the foundations of its digital-asset framework and examining how future capital market infrastructure might operate.
The combination of regulatory dialogue and experimentation reflects the evolution of Anbima’s work on digital assets. Since 2019, the agenda has moved from initial studies of cryptoassets and DLT to market rules, tokenization best practices, practical testing and the development of self-regulatory approaches.
Building the evidence for what comes next
The pilot’s next milestone will be the consolidation of the results produced during integrated testing.
For Anbima, this evidence-building role is one of the project’s main contributions. Tokenization may change how financial assets are issued and serviced, but its broader implications depend on how infrastructure, institutions and rules evolve together.
By testing those interactions before scale, the pilot gives market participants and regulators a practical basis for discussing what the next generation of Brazil’s capital market infrastructure could look like.
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