Itaú Unibanco has partnered with OpenAssets on an ANBIMA-run pilot to test tokenised bonds and investment funds.
According to CoinDesk, the project will examine how fixed-income securities and investment funds can be issued, traded, and settled using distributed ledger technology, according to the companies.
Beyond testing the technology itself, the initiative is also intended to help define the regulatory and technical standards that banks and asset managers would need in order to operate such systems at scale.
Tokenisation has become a widely tested application of blockchain technology within institutional finance, with banks and asset managers exploring the use of distributed ledgers for bonds, funds, private credit, and equities. Citi has estimated that the tokenised securities market could reach USD 5.5 trillion by 2030 as financial assets increasingly migrate to blockchain-based infrastructure.
Brazil's wider tokenisation activity
Brazil has become a notable centre for tokenisation projects, with initiatives extending beyond bank-led pilots. In July 2025, credit structuring and securitisation firm VERT Capital announced plans to tokenise up to USD 1 billion in debt and receivables on the XDC Network. Separately, Brazil-based crypto exchange Mercado Bitcoin outlined plans to tokenise USD 200 million in assets, including fixed-income and equity instruments, on the XRP Ledger.
Tokenisation activity in the country has also extended into agriculture. Farmers in the state of Paraná, facing difficulty securing bank loans, tokenised ten dairy cows and offered the tokens for trading through infrastructure linked to Brazil's B3 exchange.
Itaú's earlier blockchain involvement
The ANBIMA pilot is not Itaú Unibanco's first tokenisation initiative. The bank was among the institutions selected by Brazil's central bank in 2023 to take part in the Drex pilot, which tested blockchain-based transactions involving tokenised money and assets.
Commenting on the initiative, Gabor Gurbacs, chairman and CEO of OpenAssets, said Brazil has been one of the more forward-looking markets in finance and represents a suitable environment for moving tokenisation from exploration towards production use.
OpenAssets itself raised USD 10 million in a funding round led by Latin America-focused venture firm Valor Capital Group, with additional participation from stablecoin issuer Tether and members of the family that founded Itaú Unibanco.
