Brazil's B3 Just Plugged a Crypto ETF Into the Clearing Infrastructure Wall Street Is Still Begging Regulators to Open

B3 registered the first guaranteed OTC flexible option tied to Hashdex's crypto-index ETF, HASH11, in a trade between Inter and XP — with B3's clearinghouse acting as central counterparty. That means a crypto ETF-linked exposure now sits inside the same back-office stack that handles counterparty risk, margining, clearing, and settlement. It is precisely the infrastructure layer BlackRock is still petitioning the CFTC to open to tokenized assets in the United States.

The context makes the gap stark. BlackRock argued in a 2025 CFTC response that tokenized money market funds and stablecoins should be eligible collateral in both cleared and uncleared derivatives markets. Standard Chartered built an offshore version of that vision in April 2026, letting institutional OKX clients post BlackRock's BUIDL fund as collateral. Brazil didn't need a regulatory petition — it just executed.