Key Highlights
- Itaú Unibanco, the biggest private bank in Latin America, has partnered with OpenAssets for an ANBIMA-supervised tokenization initiative
- The initiative will explore tokenized fixed-income products and investment funds through distributed ledger infrastructure
- Out of 39 submissions from more than 50 financial organizations, ANBIMA approved 20 use cases for testing
- Tokenized real-world assets on public blockchain networks have surged from $18.9 billion to $38.3 billion over twelve months
- Brazil is emerging as a significant center for digital asset tokenization, hosting several major initiatives
In a significant development for blockchain adoption in financial markets, Itaú Unibanco, the leading private banking institution in Latin America, has announced a strategic collaboration with OpenAssets, a digital asset infrastructure company. This partnership is part of a broader tokenization pilot program managed by ANBIMA, Brazil’s Financial and Capital Markets Association.
The collaborative initiative will examine how fixed-income instruments and investment fund products can be created, exchanged, and finalized using blockchain-based distributed ledger systems. Both organizations plan to build technical demonstrations and evaluate the regulatory and operational frameworks necessary for deploying tokenized financial instruments in institutional settings.
The partnership carries significant institutional credibility given Itaú’s market position. Operating from São Paulo, the banking giant manages assets exceeding $562 billion, as reported by S&P Global.
In this arrangement, OpenAssets will supply the underlying tokenization technology platform for the experimental phase. Meanwhile, Itaú will leverage its extensive capital markets expertise as both firms investigate the practical implementation of institutional-quality asset tokenization.
Pilot Program Framework
In April, ANBIMA approved 20 distinct use cases for the pilot initiative, selecting them from 39 different proposals submitted by over 50 participating entities, including banks, investment management firms, and technology providers. The experimental trials are conducted on a private, access-controlled distributed ledger platform within a controlled testing environment, ensuring no actual financial transfers occur.
Among the particular applications under evaluation are corporate bonds (debentures) and various investment fund structures. The research will additionally assess the technical protocols and regulatory frameworks that financial institutions would need to implement for operating these systems.
This collaboration represents an extension of Itaú’s blockchain exploration efforts. The bank previously participated in Brazil’s central bank Drex pilot program during 2023, which evaluated blockchain-enabled transactions utilizing digital money and tokenized assets.
Brazil Emerges as Tokenization Leader
Brazil has established itself as a particularly dynamic marketplace for digital asset tokenization initiatives. During July 2025, lending institution VERT Capital revealed intentions to tokenize as much as $1 billion worth of debt instruments and receivables utilizing the XDC Network. Similarly, cryptocurrency platform Mercado Bitcoin disclosed plans to tokenize $200 million in assets on the XRP Ledger.
In an innovative agricultural application, livestock producers in Paraná state tokenized 10 dairy cattle and made the digital tokens available for exchange through systems integrated with the B3 stock exchange.
On a worldwide scale, the total value of tokenized real-world assets operating on public blockchain networks has increased by more than 100% within the last year, climbing from approximately $18.9 billion in August 2025 to $38.3 billion currently, based on data from RWA.xyz. United States Treasury securities represent the dominant category, comprising over $16 billion of this total.
OpenAssets secured $10 million in funding last year to develop its tokenization platform. Valor Capital Group spearheaded the investment round, with participation from Tether and representatives of the Itaú Unibanco founding family.
“Brazil has been one of the most forward-looking markets in finance and it is a natural place to move tokenization from exploration to production,” said Gabor Gurbacs, chairman and CEO of OpenAssets.
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