Insights de mercado
Escrito por
Gabriel Benegra
•
GTM
Tempo de leitura:
While the Central Bank of Brazil moves forward with regulating virtual asset service providers, the Brazilian Securities and Exchange Commission (CVM) is exploring how blockchain technology could reshape the country's capital markets and what regulatory changes would be needed to support its adoption.
In July 2026, the CVM established the Tokenization Working Group (GTT) to conduct technical tests involving the registration, deposit, custody, trading and settlement of securities using distributed ledger technology (DLT).
Building on this initiative, CVM's president Otto de Albuquerque Lobo issued the resolution nr. 248 in October 2026, establishing CVM's DLT Pilot Program. The program opens doors to experimental transactions involving a broad range of securities, including equities, debentures, receivables certificates, investment fund units and other collective investment contracts.
Ultimately, the initiative aims to establish a regulatory framework that allows tokenized securities to become part of Brazil's capital markets.
Why this matters
Brazil's capital markets reached a record R$57.2 trillion in regulated assets in the second half of 2026. Despite their scale, market infrastructure remains fragmented, with securities transactions relying on multiple independent systems that must exchange and reconcile information throughout the trading and settlement process.
DLT could simplify this structure by allowing transactions to be recorded and settled on a shared infrastructure, with smart contracts automating parts of the process. Beyond improving operational efficiency and reducing transaction costs, tokenization could also facilitate fractional ownership, lower investment barriers and enable trading and settlement around the clock.
Stablecoins as the settlement layer
While the pilot currently uses test tokens for settlement, the CVM has yet to determine which instrument will ultimately serve as the settlement asset on DLT. The regulator has also acknowledged that this decision will require the involvement of the local Central Bank.
Although the question remains open, stablecoins are emerging as a candid potential solution, given their ability to transfer value directly on the blockchain infrastructure.
Today, stablecoin adoption in Brazil is largely driven by cross-border payments. Their potential use as a settlement asset for tokenized securities could significantly expand their role in the domestic financial system, creating a new source of demand beyond international transfers.
Such a development could become a major catalyst for stablecoins pegged to the Brazilian real, while also creating new opportunities for payment infrastructure providers connecting traditional financial markets with blockchain networks.
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