Brazilians have always had a soft spot for fixed income investments — even more so now, with interest rates around 15% per year. Proof of this is the volume: of the R$ 7.9 trillion invested by individuals in the first half of 2025, almost 60% went to these investments, according to data from Anbima.
But within this category of traditional and supposedly safe investments, there is a new, slightly more modern, slightly riskier, and higher-paying option, with bonds offering up to 24% per year, for example: this is digital fixed income.
In short, this modality refers to traditional assets, such as private credit and debentures, transformed into tokens (virtual records) on blockchains — the same technology that underpins cryptocurrencies like bitcoin and ethereum — in a process called tokenization.
To raise money in the traditional way, you have to follow several steps, spend a lot of money, sign documents, etc. It’s expensive and time-consuming. Through tokenization, however, companies—especially small businesses and those in specific sectors—can do the same thing more cheaply and quickly.
In practice, this means that, on the other end, the investor has access to potentially more advantageous options. Today, there are digital fixed-income assets offering returns of 20% to 24% per year.
“There is no secret or magic formula. Because technology allows for enormous efficiency in structuring an operation (on average, we reduce the cost of structuring an operation in the financial market by 38%) and greater access for both originators (who can now make smaller operations viable) and investors (who can access this asset class), we are able to pass these gains on to investors,” said Paulo David, CEO of AmFi, a technology platform for the capital markets.
Market X-ray
According to the Brazilian Association of Crypto Economy (ABCripto), in 2024 alone, approximately R$ 1.3 billion in tokenized assets were issued in Brazil — and there’s a little bit of everything.
Data from RWA Plataforma, which monitors the sector, shows that, among the types of tokenized assets, 42% are CPRs (Rural Producer Credits), 22% commercial notes, 19.5% debentures, 7% card receivables, 4.8% promissory notes, 2% loan participation agreements, and 1.9% CCBs (Bank Credit Certificates).
How to invest in these tokens
To purchase these tokens, you need to access the platforms that offer the service and register. They typically ask for your full name, CPF (Brazilian tax identification number), date of birth, and other information.
Some of these companies include BlockBR, B3, Zuvia, Mercado Bitcoin, Tokeniza, AmFi, Vert Capital, Liqi, Dexcap Finance, Foxbit, and Invex, among others.
Is everything legal?
Digital fixed-income issuances are typically conducted under the umbrella of CVM Resolution 88 of 2022, which addresses crowdfunding (collective investment). However, this regulation remains limited. Last month, the capital markets regulator opened a new public consultation to improve the rules. Submissions are open until December 23rd.
Among the proposed changes are the inclusion of new business categories (mainly from agribusiness), increased fundraising limits, and updated procedures.
“The CVM (Brazilian Securities and Exchange Commission) noted that crowdfunding platforms are being used primarily for the distribution of securitization offerings (more than 70% of total offerings), and wants to further promote this market,” said Alexandre Vargas, associate lawyer at TozziniFreire Advogados, specializing in capital markets.
Francis Wagner, head of cryptocurrencies at Hurst Capital, stated that this update has the potential to bolster investor confidence, attract new institutional players, and boost liquidity in the secondary market.
“Nevertheless, there are several areas for improvement, such as defining minimum standards for technological governance, formulating clearer rules for liquidity and repurchase agreements, and advancing international regulatory harmonization.”
Care
Unlike traditional fixed income investments, fixed income tokens are not guaranteed by the FGC (Credit Guarantee Fund). Therefore, experts recommend caution before investing.
“Investors should always verify the transparency regarding the underlying asset and the issuer’s credibility. This includes confirming that the receivables or credit rights supporting the transaction are duly registered with entities authorized and supervised by the Central Bank, as well as analyzing the available information about who structures and distributes the product,” said David, from AmFi.
What are the risks?
Every asset carries risk — and fixed-income tokens are no different. Tiago Severo, a lawyer specializing in financial regulation and partner at Panucci, Severo e Nebias Advogados, said that the main risks are as follows:
- Default by the credit assignor
- Operational and cyber risks of platforms (failures, hacks, regulatory instability)
- Platform discontinuation, with the risk of tokens being locked.
- retroactive regulatory framework
Furthermore, there is the risk of illiquidity. These tokens do not yet have a secondary market, which forces the investor to hold the asset until maturity. The expectation is that, with the new public consultation from the CVM (Brazilian Securities and Exchange Commission), this scenario may change.
“The absence of a secondary market means that investors can hardly sell their token before maturity, which increases liquidity risk and requires a commitment to the operation’s timeframe,” Severo noted.
Source: www.uol.com.br
