Brazil’s B3 Delays Security Token Platform to H1 2027

The delay matters less than the design choice: B3 is framing tokenized securities as interchangeable with traditional shares on the same pricing and liquidity, rather than as a parallel market. That is a meaningfully different path from venues that treat tokenization as a separate, ring-fenced product. The stablecoin plan and the central bank authorization request suggest B3 intends to own the settlement and custody layer, not just the listing venue. Whether regulators move at the same pace is the open question.