CPR, B3 and tokenization: agribusiness's new credit

The Cédula de Produto Rural, or CPR (Rural Product Note), has become the main channel for private money into Brazilian agribusiness. According to the Central Bank's Financial Stability Report, published on May 25, 2026, the stock of CPRs grew 18.3% through December 2025, while traditional rural credit showed worsening risk indicators. At the same time, B3 (the Brazilian stock exchange) began registering public CPR offerings for individual investors, and the market is discussing the tokenization of these receivables. The CPR is old; what is changing is who finances the grower and how this instrument circulates.

What happened

The CPR has existed since Law 8,929 of 1994: it is an instrument in which the grower commits to delivering product, or the equivalent value, on a future date. Law 13,986 of 2020, known as the Agro Law, modernized the instrument and made registration of the notes with an authorized entity, such as B3, mandatory, a rule in force since January 1, 2021.

Recent figures show the scale. The stock of CPRs reached R$ 565.15 billion in May 2026, up 13%, the highest level in the series, according to a Canal Rural report. B3 reported that public CPR offerings for individuals totaled R$ 6 billion since August 2025, across 14 issues, with more than 26,000 investors. For the exchange, part of this movement came from CMN Resolution 5,118 of 2024, which restricted the issuance of CRAs (agribusiness receivables certificates) and redirected funds to the CPR.

The Central Bank report, covered by CNN Brasil, describes the contrast: at the end of 2025, CPRs, CRAs, FIDCs (receivables investment funds) and agribusiness debentures were growing, while the rural credit portfolio of individuals was worsening and LCAs were declining. Tokenization enters this picture as a way to record and distribute fractions of these receivables on a digital network. For the CVM (Brazil's securities regulator), what defines the rule is the nature of the asset, not the technology: Guidance Opinion 40, of 2022, makes it clear that a token representing a security follows capital markets rules.

Why it matters

The CPR brings the grower closer to the investor and reduces dependence on the bank. But it is not the same for everyone. Issuing a CPR requires a credit file, collateral, registration and, in public offerings, a structure that is expensive. Today, those who benefit most are larger growers and companies. The small grower who sells at the wholesale supply center rarely has an organized history to issue an instrument someone would want to buy.

Tokenization may make issuance, registration and distribution cheaper, but it does not solve the root of the problem: an instrument is only worth something if its backing is real and verifiable. Without reliable data on what was produced and sold, tokenizing is just digitizing a promise.

In Bairo's view

For Bairo Leandro Gonzalez Martinez, the CPR is proof that the market is willing to finance agribusiness based on production and not only on assets. In his reading, the missing step is to bring this instrument to those still outside it, and that starts with data. He argues that the real sale, recorded at the moment it happens, should be the basis of any receivable.

Bairo is betting on a direct connection between grower, trader and buyer, with quotes calculated from CEASA and Conab data. For him, when the price is public and the sale is recorded, the backing stops being a declaration and becomes a history. In his view, the tokenization of real-world assets makes sense in agribusiness when it gives growers access to resources without having to pledge their land or their home.

Where this meets the ecosystem

CEASA Bank is an agribusiness financial platform, founded by Bairo, that operates on the infrastructure of an authorized institution. It is not an authorized bank, nor a platform registered with the CVM for public offerings. Among the proposals the founder describes is offering resources to growers through the tokenization of real-world assets, always within the rules of the CVM, the Central Bank and rural credit, and with authorized partners.

The design rests this proposal on two pillars: quotes with artificial intelligence fed by CEASA and Conab data, and the record of every transaction on BTZ Chain, the ecosystem's record network. It is a proposal under construction, which depends on authorization and on regulated partners for each stage.

Sources

• Central Bank of Brazil, Financial Stability Report, volume 25, May 2026: bcb.gov.br
• CNN Brasil, "Crédito rural piora enquanto mercado de capitais do agro avança, diz BC" (Rural credit worsens while agribusiness capital markets advance, says Central Bank), 05/25/2026: cnnbrasil.com.br
• B3, Bora Investir, "Emissões de CPRs públicas na B3 somam R$ 6 bilhões" (Public CPR issues on B3 total R$ 6 billion), 2026: borainvestir.b3.com.br
• Canal Rural, "Estoque de Cédulas de Produto Rural registra aumento de 13%" (Stock of Rural Product Notes rises 13%), 2026: canalrural.com.br
• Presidency of the Republic, Law 13,986 of April 7, 2020: planalto.gov.br
• CVM, Guidance Opinion 40, "Os criptoativos e o mercado de valores mobiliários" (Crypto-assets and the securities market), 10/11/2022: cvm.gov.br

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