Brazil's largest bank, Itaú Unibanco, is enhancing its involvement in the realm of tokenization by collaborating with OpenAssets, a firm specializing in digital asset infrastructure. This initiative is part of a pilot program overseen by the Brazilian Financial and Capital Markets Association (ANBIMA) to explore tokenized bonds and investment funds.
Itaú Unibanco Partners with OpenAssets for Tokenization Pilot
The partnership aims to investigate the issuance, trading, and settlement of fixed-income securities and investment funds utilizing distributed ledger technology. According to the companies, the pilot will also look into the necessary regulations and technical standards for banks and asset managers to adopt such systems.
Itaú Unibanco, headquartered in São Paulo, boasts over $562 billion in assets, making it the largest lender in Latin America, as reported by S&P Global.
The trend of tokenization is gaining traction on Wall Street, where financial institutions are increasingly exploring the potential of blockchain technology to manage bonds, funds, private credit, and equities. Citi has projected that the market for tokenized securities could expand to $5.5 trillion by 2030, as more financial assets transition to blockchain systems.
Brazil Emerges as a Tokenization Hub
Brazil has positioned itself as a significant player in the tokenization landscape, with initiatives extending beyond bank-led trials. In July 2025, VERT Capital, a Brazilian firm focused on credit structuring and securitization, announced plans to tokenize up to $1 billion in debt and receivables on the XDC Network. Additionally, the Brazilian crypto exchange Mercado Bitcoin revealed intentions to tokenize $200 million in assets on the XRP Ledger, including fixed-income and equity instruments.
A more unconventional tokenization effort has occurred in Brazil's agricultural sector, where farmers in Paraná, facing challenges in securing bank loans, tokenized 10 dairy cows and made the tokens available for trade through infrastructure linked to Brazil's B3 exchange.
This initiative with ANBIMA is not Itaú's first venture into tokenization; the bank was previously selected by Brazil's central bank in 2023 to participate in the Drex pilot program, which tested blockchain-based transactions involving tokenized funds and assets.
“Brazil has been one of the most forward-looking markets in finance, making it a natural environment for advancing tokenization from exploration to implementation,” stated Gabor Gurbacs, chairman and CEO of OpenAssets.
OpenAssets secured $10 million in funding last year to develop tokenization infrastructure, led by Valor Capital Group, a venture firm focused on Latin America. Notable investors included Tether, the issuer of the USDT stablecoin, and members of the family that founded Itaú Unibanco.