B3 clears HASH11 crypto ETF option through CCP

Brazil’s stock exchange B3 registered the first central counterparty‑guaranteed over‑the‑counter flexible option linked to Hashdex’s HASH11 crypto‑index ETF in a trade between Inter and XP in 2026. The exchange’s clearinghouse acted as the central counterparty, bringing the contract into the same clearing, margining and settlement systems used for other regulated derivatives.

The flexible option used HASH11 as the underlying asset and allowed customization of maturity, strike, quantity, premium and optional features such as barriers or limiters. Routing the trade through B3’s clearinghouse placed the ETF‑linked exposure under the exchange’s counterparty risk and margin framework.

On May 6, B3 expanded its list of eligible collateral to include real estate investment funds, increasing the eligible pool to about $146 billion. As of May 2026, roughly 82% of that collateral pool consisted of Selic‑linked federal debt. The collateral mix underscores a distinction between using a crypto‑linked product as an option underlier and using tokenized assets or digital funds as posted collateral for margin and settlement.

In Washington, market participants and firms have pursued rule changes to allow tokenized funds and stablecoins to serve as collateral in cleared and uncleared derivatives markets. In 2025, an asset manager proposed that tokenized money market funds and stablecoins be eligible as collateral with U.S. regulators. Offshore, in April 2026, a bank implemented a framework allowing institutional clients of a crypto exchange to post a tokenized Treasury fund as collateral while the bank retained custody of the underlying assets.

Hashdex launched its crypto ETF in 2021 and B3 listed HASH11 in April 2021. B3 also listed ETFs with full Bitcoin exposure and early Ethereum products in 2021. B3 introduced financially settled Bitcoin futures in April 2024. By the futures product’s first anniversary, trading volume reached about $400 billion across 41 million contracts, with nonresident investors accounting for 53% of participation, individuals 39% and funds 7%.

Some market participants identify a measurable benchmark for broader adoption: crypto‑linked OTC notional reaching between 1% and 5% of B3’s guaranteed flexible‑options stock within 12 to 24 months. If the figure is reached, it would indicate more than single institutional transactions and a developing market segment; if not, similar trades could remain limited to institutional counterparties.

Participants cite liquidity and price volatility of crypto‑linked assets as factors that can raise margin needs and require larger haircuts in a central counterparty’s collateral framework. Changes in regulatory policy or periods of market stress could lead clearinghouses to tighten eligibility standards or increase margin requirements.

Brazil’s payments system and market infrastructure developments since 2020 have supported faster adoption of new financial products. The clearing of a HASH11‑linked flexible option places a crypto ETF under a central counterparty guarantee in Brazil while U.S. rulemaking on tokenized collateral continues.