TLDR
- Latin America’s biggest bank, Itaú Unibanco, has entered a tokenization sandbox program led by ANBIMA alongside digital infrastructure provider OpenAssets
- The initiative will examine tokenized bonds and investment funds through distributed ledger technology applications
- From 39 submissions by more than 50 financial entities, ANBIMA approved 20 experimental use cases
- Tokenized real-world assets on public blockchain networks have surged from $18.9 billion to $38.3 billion over 12 months
- Brazil has emerged as a leading market for tokenization initiatives, with several major programs currently in development
Latin America’s premier private banking institution, Itaú Unibanco, has formed a strategic alliance with digital asset technology provider OpenAssets to participate in a tokenization sandbox supervised by Brazil’s Financial and Capital Markets Association, known as ANBIMA.
The experimental program will examine methods for issuing, exchanging, and settling bonds and investment funds through distributed ledger systems. Both organizations will create technical demonstrations and evaluate the regulatory and operational frameworks necessary for deploying tokenized financial instruments in institutional settings.
Itaú represents a significant institutional participant in this initiative. The financial institution, headquartered in São Paulo, manages assets exceeding $562 billion, based on figures from S&P Global.
OpenAssets will supply the blockchain infrastructure required for the experimental phase. Itaú will leverage its capital markets expertise as both entities examine the practical implementation of institutional-quality tokenization solutions.
Framework of the Experimental Program
In April, ANBIMA approved 20 experimental applications for the sandbox initiative, selecting them from 39 submissions presented by over 50 financial institutions, investment firms, and technology providers. The experiments are conducted on a closed, permissioned blockchain network within a controlled testing environment, ensuring no actual financial transfers occur.
Corporate bonds and mutual funds represent some of the particular applications under investigation. The program will additionally assess the technical protocols and regulatory frameworks that financial institutions would require to implement such platforms.
This marks another blockchain initiative for Itaú. The financial institution participated in the Brazilian central bank’s Drex experimental program in 2023, which evaluated blockchain-enabled transactions utilizing tokenized currency and financial assets.
Brazil’s Expanding Tokenization Landscape
Brazil has positioned itself among the most dynamic markets for blockchain-based asset representation. In July 2025, lending institution VERT Capital revealed intentions to tokenize as much as $1 billion in obligations and receivables on the XDC Network. Digital currency platform Mercado Bitcoin similarly disclosed plans to tokenize $200 million worth of assets on the XRP Ledger.
In a particularly novel application, agricultural producers in Paraná state tokenized 10 dairy cattle and made the digital tokens available for exchange through systems linked to the B3 stock exchange.
On a worldwide scale, the valuation of tokenized real-world assets on public blockchain platforms has increased more than twofold within a year, climbing from approximately $18.9 billion in August 2025 to $38.3 billion currently, per RWA.xyz analytics. United States Treasury securities represent the dominant segment, comprising over $16 billion.
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 members of Itaú Unibanco’s founding family.
“Brazil has established itself as one of the most progressive financial markets, making it an ideal location to advance tokenization from conceptual testing to operational deployment,” stated Gabor Gurbacs, chairman and CEO of OpenAssets.
Get 3 Free Stock Ebooks
Discover top-performing stocks in AI, Crypto, and Technology with expert analysis.
- Top 10 AI Stocks - Leading AI companies
- Top 10 Crypto Stocks - Blockchain leaders
- Top 10 Tech Stocks - Tech giants
