Itaú, OpenAssets join ANBIMA pilot for tokenizing securities

Itaú has partnered with digital asset infrastructure provider OpenAssets to participate in an industry pilot led by the Brazilian Financial and Capital Markets Association (ANBIMA) testing tokenization of fixed-income securities and investment funds in Brazil.

The pilot will test issuance, trading and settlement of capital markets instruments on a private, permissioned distributed ledger. OpenAssets will provide tokenization infrastructure while Itaú will contribute capital markets expertise to evaluate operational, compliance and technology requirements for tokenized assets within institutional frameworks.

The companies will build end-to-end technical proofs of concept to examine how tokenized debentures and investment fund shares could be issued, traded and settled. Work will map processes for recording issuance and settlement on a ledger, custody arrangements, reconciliation and the compliance controls needed for institutional participants.

ANBIMA selected 20 use cases for the pilot from 39 proposals submitted in April by more than 50 banks, asset managers and technology firms. Tests are being run in a simulated environment on a private, permissioned distributed ledger and do not involve real financial transactions or live client assets.

Market data from RWA.xyz shows the value of tokenized real-world assets on public blockchains rose from about $18.9 billion in August 2025 to roughly $38.3 billion today, with tokenized U.S. Treasury debt the largest single category at more than $16 billion. The ANBIMA pilot is confined to a permissioned network and a test environment rather than public chains.

Itaú is Latin America’s largest private-sector bank. OpenAssets supplies technology for token issuance and lifecycle management. ANBIMA’s industry-led pilot brings market participants together to assess practical, regulatory and technical questions around adopting tokenized capital markets instruments in Brazil.