Brazil just moved a crypto ETF into market plumbing Wall Street still wants opened
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B3 has moved a crypto ETF into a guaranteed derivatives structure, showing why Wall Street may need to watch Brazil as it pushes regulators to modernize tokenized collateral rules.
Key facts
On May 6, B3 began accepting real estate investment funds as eligible collateral for CCP-guaranteed operations, bringing the eligible pool to roughly $146 billion
Brazil's central bank launched the 24/7 instant-payment rail in 2020, and by 2024, Pix had processed more than $5 trillion and surpassed cash, debit cards, and credit cards as Brazil's leading
The crypto ETF record followed the same arc, as Hashdex launched what Nasdaq described as the world's first crypto ETF on the Bermuda Stock Exchange in February 2021, and B3 listed HASH11 in April
A measurable threshold, such as crypto-linked OTC notional reaching 1% to 5% of B3's guaranteed flexible-options stock within the next 12 to 24 months, would confirm the HASH11 option has moved
Summary
B3 registered the first guaranteed OTC flexible option tied to Hashdex's crypto-index ETF, HASH11, in a trade between Inter and XP. B3's clearinghouse served as the central counterparty in the trade, placing a crypto ETF-linked exposure inside the same back-office machinery that handles counterparty risk, margining, clearing, and settlement. That is the infrastructure layer that Wall Street is still asking US regulators to open to tokenized assets. BlackRock submitted a response to the CFTC's tokenized-collateral initiative in 2025, arguing that tokenized money market funds and stablecoins should be eligible for use in both cleared and uncleared derivatives markets.