Key Highlights
- Itaú Unibanco, the biggest bank in Latin America, has entered a tokenization testing program led by ANBIMA alongside digital asset platform OpenAssets
- The initiative will evaluate tokenized bonds and investment products through distributed ledger technology
- From 39 submissions by more than 50 financial entities, ANBIMA chose 20 use cases for testing
- Real-world asset tokenization on public blockchains has surged from $18.9 billion to $38.3 billion over twelve months
- The South American nation has emerged as a significant player in asset tokenization, hosting several major initiatives
In a strategic collaboration, Itaú Unibanco, which holds the position of Latin America’s largest private banking institution, has partnered with digital infrastructure provider OpenAssets to participate in a tokenization testing program managed by Brazil’s Financial and Capital Markets Association (ANBIMA).
This experimental program aims to evaluate how bonds and investment vehicles can be created, exchanged, and processed using blockchain technology. Both organizations will construct technical demonstrations and assess the regulatory and operational frameworks necessary for managing tokenized financial instruments within institutional environments.
The São Paulo-headquartered financial institution brings substantial resources to the initiative, managing over $562 billion in total assets as reported by S&P Global.
OpenAssets will supply the technological backbone for tokenization during the testing phase. Meanwhile, Itaú will leverage its expertise in capital markets as both entities collaborate to establish practical standards for institutional-grade digital asset management.
Pilot Program Framework
In April, ANBIMA approved 20 use cases for experimental testing, selecting them from 39 submissions presented by over 50 financial institutions, investment firms, and tech providers. The trials are conducted on a closed, permissioned blockchain network within a controlled testing environment, ensuring no actual financial transactions occur.
Corporate bonds (debentures) and managed investment products represent some of the key scenarios under evaluation. The program will also investigate the technical protocols and regulatory frameworks that financial institutions would need to implement for operating such platforms.
This marks another step in Itaú’s blockchain journey. The banking giant previously participated in Brazil’s central bank Drex initiative in 2023, which explored blockchain-enabled transactions using digital currency and tokenized assets.
Brazil Emerges as Tokenization Leader
The Brazilian market has positioned itself as a frontrunner in tokenized asset development. In July 2025, lending institution VERT Capital revealed intentions to tokenize as much as $1 billion worth of debt instruments and receivables on the XDC Network. Cryptocurrency platform Mercado Bitcoin similarly disclosed plans to tokenize $200 million in assets using the XRP Ledger.
In a particularly innovative application, agricultural producers in Paraná state tokenized a herd of 10 dairy cattle, making the tokens available for trading through systems linked to the B3 stock exchange.
On a worldwide scale, the total value of tokenized real-world assets on public blockchain networks has more than doubled within a year, climbing from approximately $18.9 billion in August 2025 to $38.3 billion currently, based on RWA.xyz tracking data. United States Treasury securities represent the dominant segment, comprising over $16 billion.
Last year, OpenAssets secured $10 million in funding to expand its tokenization platform. Valor Capital Group spearheaded the investment round, with participation from Tether and members of Itaú Unibanco’s founding family.
“Brazil has demonstrated exceptional innovation in financial services, making it an ideal environment to advance tokenization from conceptual testing to real-world implementation,” stated Gabor Gurbacs, chairman and CEO of OpenAssets.
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