Itaú, the largest private sector bank in Latin America, has partnered with technology provider OpenAssets to take part in a pilot program focused on the tokenization of fixed-income securities and investment funds in Brazil.
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The initiative is organized by the Brazilian Financial and Capital Markets Association (ANBIMA), a leading industry group representing Brazil’s main financial institutions. The pilot aims to test the full lifecycle of capital markets instruments—issuance, trading, and settlement—using distributed ledger technology (DLT).
ANBIMA selected 20 pilot use cases in April from a pool of 39 proposals submitted by over 50 banks, asset managers, and technology companies. Testing is currently being carried out on a private, permissioned DLT network in a controlled, simulated environment, meaning no actual financial transactions are taking place at this stage.
The main assets under consideration include debentures, a type of unsecured fixed-income instrument, and various types of investment funds. The project will explore how these assets could be digitalized and managed through tokenization, which could potentially streamline processes and improve transparency in the capital markets.
OpenAssets will supply its existing tokenization infrastructure for the pilot, while Itaú will add its knowledge and experience from the capital markets sector. Together, the companies plan to develop technical proofs of concept and assess factors such as operational efficiency, compliance standards, and technology requirements for integrating tokenized assets with institutional systems.
Mini dictionary: ANBIMA, or the Brazilian Financial and Capital Markets Association, is an industry body that represents financial institutions and works to standardize and advance Brazil’s capital markets.
The pilot project will allow financial market players to test tokenized fixed-income securities and investment funds in a controlled setting, evaluating their benefits and challenges before potential real-world adoption.
Growth of real-world asset tokenization
According to data from RWA.xyz, the value of tokenized real-world assets distributed via public blockchains has more than doubled over the past year. The total market has risen from approximately $18.9 billion in August 2025 to $38.3 billion. Notably, US Treasury debt accounts for the largest category, totaling over $16 billion in tokenized assets.
| Asset Category | Tokenized Value |
|---|---|
| US Treasury debt | $16 billion |
| Other real-world assets | $22.3 billion |
| Total (August 2025) | $18.9 billion |
| Total (Current) | $38.3 billion |
Observers in the industry suggest that tokenization could significantly transform capital markets by improving efficiencies and lowering costs. The involvement of established institutions such as Itaú and ANBIMA points to growing interest from traditional finance players seeking to explore blockchain-based innovations.
