Brazil’s B3 Targets Tokenized Stocks by 2027—Still T+2, Not 24/7

Brazil’s largest stock exchange, B3, expects to launch a tokenized assets platform in the first half of 2027, according to Humberto Costa, B3’s director of products and counter strategy. Costa outlined the plan at an event in São Paulo.

Same book, shared liquidity—under today’s rules

Costa said the project is being built to integrate in parallel with the current market structure, following existing settlement and trading conditions. The aim, he said, is for tokenized shares to be fungible with traditionally issued stocks—sharing prices, liquidity, and trading on the same order book.

These tokenized securities would not be issued primarily on a blockchain. Instead, they would be tokens linked to existing assets, with transactions settling in two business days (D+2), Costa said.

No 24/7 or instant settlement without new rules

Costa stressed that round-the-clock trading and simultaneous settlement would require regulatory changes. “Today, I cannot liquidate in an environment other than the environment I have today, which liquidates in D+2. I am not authorized today to do a sale in a different format,” he said.

Timeline shifts and scope still undecided

B3 previously said in June it was targeting the second half of 2026 for this feature. It now projects the first half of 2027, per Costa. The exchange is still deciding whether Brazilian depositary receipts (BDRs) and exchange-traded funds (ETFs) will be included in the new infrastructure.

Stablecoin plan and regulatory path

Costa reiterated that B3 would launch its own stablecoin but did not confirm whether the stablecoin and the tokenized stock platform would interact at launch. He added that B3 will request authorization from the Central Bank of Brazil to operate and custody digital assets to advance these efforts.

What we don’t know yet

Key details remain open: whether BDRs and ETFs will be supported at launch; how and when 24/7 trading or instant settlement might be enabled; and if B3’s planned stablecoin will connect to the tokenized platform. The timing also depends on regulatory approvals.