Brazil’s tokenization push is moving from experiment to infrastructure project. Brazilian platform Liqi Digital Assets and XDC Network have renewed their partnership and lifted their target for tokenized real-world assets from $500 million to $2 billion through 2028.
The timing is notable. In July, Brazil’s Securities and Exchange Commission, known as the CVM, created a dedicated Tokenization Working Group to examine how securities registered, held, traded and settled through distributed ledger technology could fit into the country’s capital markets.
In other words, blockchain is starting to look less like a side project and more like plumbing.
Liqi and XDC say the original $500 million target, established in April 2025, was reached in about 15 months—nine months earlier than planned. The new agreement keeps the initial amount and adds another $1.5 billion in planned issuance over the next two years.
According to Liqi, around $835 million has now been tokenized across 386 series and 60 asset pools, with 378 smart contracts deployed on XDC’s mainnet. The company also says it is now the network’s largest issuer of yield-bearing assets.
Daniel Coquieri, Liqi’s CEO and co-founder, said the original target was deliberately ambitious, but demand quickly proved stronger than expected.
“We signed the first agreement with a target that looked aggressive: half a billion dollars in two years. We delivered in fifteen months, because Brazil’s structured credit market was already there – what was missing was the infrastructure. We tripled the commitment because demand tripled. What we are building is not a blockchain pilot: it is the rail that regulated banks and originators run credit through, with auditable collateral and on-chain settlement.”
That framing matters because the story here is not really about putting traditional assets on a blockchain for novelty’s sake. It is about whether blockchain infrastructure can become part of the machinery already used by banks and credit originators.
Under the renewed deal, XDC will remain Liqi’s exclusive blockchain for issuing real-world assets. The companies plan to expand beyond existing products into structured credit, trade finance and receivables from larger originators.
Brazil’s tokenization push is getting a regulatory backbone
The broader market is also shifting. RWA.xyz currently tracks $7.82 billion in distributed tokenized credit and another $37.73 billion in represented credit assets across more than 2,500 assets.
The category includes corporate credit, structured credit, specialty finance and other forms of non-sovereign debt. That is a very different corner of crypto from the tokenized U.S. Treasury products that helped bring institutional attention to real-world assets in the first place.
Liqi says its XDC-based issuances have included trade receivables, payroll-deductible loans, debentures, corporate credit and Brazilian receivables certificates. Institutions including Itaú BBA, Banco BV, Banco ABC Brasil and Creditas have participated in these transactions.
Diego Consimo, XDC Network’s head of LATAM, said these are already-established financial operations whose underlying infrastructure is being adapted to blockchain.
“These are structured credit operations, originated within the regulated financial market, that now use blockchain as an effective part of their infrastructure.”
For XDC, the expanded commitment also arrives as blockchain networks compete more aggressively for a growing share of tokenized assets. Ethereum currently leads distributed RWA value with about $17.6 billion, followed by BNB Chain, Solana and Stellar, according to RWA.xyz.
Brazil’s regulators are watching that evolution closely. The CVM’s new working group brings together representatives from 14 areas of the regulator and has begun discussions with organizations including ANBIMA, ABCripto and ABToken.
Its mandate covers some of the least glamorous—and most important—parts of financial infrastructure: registration, custody, trading and settlement on DLT systems.
The Central Bank is pursuing a parallel track through Drex, its DLT-based environment for regulated financial institutions and programmable financial services.
That creates an unusually concrete moment for Brazil’s tokenization push. Private companies are scaling actual issuance while regulators work through how those systems should interact with the rules governing securities and financial markets.
There is still a large gap between ambition and delivery. The $2 billion figure is a forward target, not completed issuance, and $1.5 billion of that amount is still expected to come online over the next two years.
But the trajectory is hard to ignore. If Liqi and XDC hit the new target, tokenized credit in Brazil will have moved another step away from pilot projects and toward repeat transactions involving regulated institutions, established financial products and blockchain-based settlement.