The Brazilian market for tokenization of real-world assets — a process that transforms rights over physical or financial goods into digital records on blockchain — closed January 2026 with a total issuance volume of R$ 1.506 billion. In January 2025, the amount was R$ 122 million. The expansion of 1,134.7% in twelve months places the sector at another level, according to data from RWA Monitor, a portal specialized in monitoring tokenization instruments in Latin America.
The jump is not just numerical. According to Rodrigo Caggiano, analyst and founder of RWA Monitor, what has changed is the structure behind the numbers.
The combination of more mature platforms, prepared originators, and institutional capital created a network effect that accelerated adoption at an exponential pace. When daily fundraising exceeds R$ 500 million, it signals that tokenization has ceased to be an experiment and has integrated into the country's financial infrastructure as a real channel for financing and capital allocation,” he said.
CVM 88: the regulatory basis for smaller issuances
Most of the operations for the month were recorded under CVM Resolution 88 — a regulation created to allow public offerings of securities through electronic platforms, including blockchain-based models. It is the legal framework that enabled the tokenization of assets for the general public in Brazil.
In January, nine tokenizers conducted issuances within this framework. The instruments included CCBs (Bank Credit Notes, a debt instrument between creditor and debtor), CPRs (Rural Product Notes, used in agribusiness), tokenized debentures (corporate debt instruments), invoices, commercial notes, credit card receivables, and digital variable income. The total volume was R$ 160.54 million.
“CVM 88 played a decisive role in transforming tokenization from an experimental niche into an accessible and institutionally trusted market. The numbers show that the regulatory infrastructure has ceased to be a brake and has begun to act as a growth engine for tokenized issuances in Brazil,” evaluated Caggiano.
CVM 160: the heavy volume comes from the institutional market
The most significant portion of the month came from structured issuances under CVM Resolution 160 — a regulation aimed at larger offerings, directed at professional and institutional investors. The framework offers greater operational flexibility and legal security for high-value operations.
In January, only VERT conducted issuances in this segment. The volume was R$ 1.344 billion — equivalent to 89% of the entire tokenized market for the month. The segment has two active tokenizers and 21 registered assets.
Private issuances: lower volume, greater flexibility
Private issuances — operations outside the public offering regime, made directly between issuers and qualified buyers — totaled R$ 1.585 million in January. They are faster structures in terms of timelines and negotiation but still of reduced scale. The segment comprises four active tokenizers and 26 tokenized assets.