B3 registers R$100K credit deal backed by 10 tokenised cows
What's the deal? Brazil's stock exchange, B3, has registered a R$100,000 rural credit operation backed by 10 tokenised dairy cows. The structure links real-time herd monitoring, real-world assets (RWA), and capital markets to widen rural producers' access to financing.
The cattle came from Fazenda Engenho Velho in Imbituva, Paraná, and were valued together at R$120,000. They served as collateral for a Rural Product Financial Note (CPR-F) worth R$100,000.
How does it work? BMP Sociedade de Crédito Direto originated the CPR-F and lent the funds. Target FIDC then acquired the credit rights and registered the operation on B3, while agtech CowmedDealroom has a profile for this one. Try Dealroom → supplied the technology to monitor and create a digital identity for each animal.
Each cow wears a smart collar that tracks location, health, activity, rumination, and behaviour. The platform ties that data to a unique digital identifier linked to the CPR-F, letting the lender verify each animal's existence and condition without relying only on in-person inspections.
The system also cuts the risk of a producer pledging the same herd as collateral for multiple loans. If a cow dies or fails contract criteria, the producer can swap it digitally — the structure keeps a reserve of roughly 20% in extra animals.
Why it matters: Lenders usually apply steep discounts to livestock collateral due to a lack of current data. A cow valued at R$20,000 could be worth just R$8,000 as collateral in a traditional structure, according to Target FIDC director Humberto Brenner.
Continuous monitoring narrows that gap, letting lenders value collateral closer to market price and extend more credit. Funds can cover working capital, equipment, or operating costs, not just milk-production inputs.
"We take the cow, which is a real and tangible asset, and turn it into a digital asset," said Thiago MartinsDealroom has a profile for this one. Try Dealroom →, chief executive officer of Cowmed.
The signal: Brazil's tokenised real-asset market moved R$6.87 billion across 684 issued assets by July 2026, driven by Comissão de Valores Mobiliários rules and pilot projects. Cowmed already monitors more than 100,000 cows across over 1,000 properties, valuing that herd at more than R$2 billion — and the project's backers aim to extend the model to about 20% of that base, which could mobilise roughly R$400 million in herd-backed financing.
Read more: Exame
