Token $EWZ, from the iShares MSCI Brazil ETF, is now available on Solana via Sunrise

The Tokenization Landscape in the Brazilian Market

The arrival of token $EWZ, representing the iShares MSCI Brazil ETF, on the Solana network via Sunrise, in partnership with Backpack Securities, marks a significant advancement in the digital asset landscape. Currently, the global financial market is witnessing a growing trend of tokenization, where real-world assets (RWAs) are represented by tokens on a blockchain. This practice aims to democratize access to traditional investments, transforming them into tradable assets on decentralized platforms.

Therefore, this movement expands the boundaries for Brazilian and international investors. For those following the market, this innovation represents another step in the digitization of goods and rights, a path that has been explored by various jurisdictions in Latin America. The interest of large managers and infrastructure providers in this area signals considerable potential for transformation.

$EWZ is now listed on @Solana via Sunrise.

Issued by @Backpack Securities. pic.twitter.com/OyjHzwY26v
--- Sunrise (@sunrise) October 5, 2026

For those deciding with their own money, the arrival of EWZ on Solana imposes a fundamental reflection. While market innovation offers new investment options, it also raises questions about who truly holds control and bears the risks of these new structures. It is essential to question whether the tokenization of an ETF maintains the same essence of ownership and direct custody, or if it merely adds new layers of intermediaries to the process.

Understanding ETF Tokenization

Tokenization is the process of converting an asset, whether physical or financial, into a digital token on a blockchain. This token represents ownership or participation in that asset, allowing it to be traded and transferred more efficiently and transparently. In the case of $EWZ, the tokenized version of the iShares MSCI Brazil ETF offers exposure to large Brazilian companies. Thus, it creates an alternative for investors seeking access to the Brazilian stock market through digital assets.

An ETF (Exchange Traded Fund) is an investment fund traded on an exchange that replicates the performance of an index, such as MSCI Brazil. When tokenized, $EWZ transforms this fund into a digital asset that can be traded on the Solana network. The partnership with Backpack Securities in offering the tokenized asset is crucial, as it assumes responsibility for the custody of the underlying assets and the issuance of the tokens. In other words, it is the bridge between the traditional market and the blockchain environment.

Moreover, the mechanism involves creating a digital token that represents a fraction of the ETF's value. Therefore, each token carries with it the rights and obligations associated with owning that piece of the fund. This process aims to simplify settlement and access, but the reality of custody remains a central point. From the perspective of private ownership, self-custody, where the individual controls their private keys and, consequently, their assets, is a pillar of financial autonomy. However, in a tokenized ETF, the responsibility of maintaining the original assets falls on a centralized entity, such as Backpack Securities, raising the question of who ultimately holds control over the investment.

The Solana Network and Its Technical Advantages

Solana, created in 2017, is a high-performance on-chain network specifically designed to support decentralized applications (dApps). It stands out for its scalable architecture, offering high speed and low transaction costs. This robust infrastructure makes it an attractive choice for projects that require fast and efficient processing, such as the tokenization of financial assets and applications in decentralized finance (DeFi).

Currently, the Solana network is utilized by global industry giants such as BlackRock, J.P Morgan, Stripe, Visa, Mastercard, SpaceX, Kalshi, and Western Union, demonstrating its growing acceptance and capability. Antonio Neto, Head of Latam at the Solana Foundation, states that "the interest in tokenized assets spans the entire category." According to him, "Not only do global assets have local access, but local assets also gain global and digital exposure. We hope to bring Brazilian tokenized stocks for the world to buy. With this movement, EWZ Solana is increasingly consolidating as the network where all assets can be accessed."

However, the speed and efficiency of a blockchain network alone do not guarantee total autonomy for the investor. For those advocating financial privacy, the transparency inherent in blockchain should be viewed with caution. Although transactions are public, the identity of token holders can be preserved, depending on the token design and KYC (Know Your Customer) policies applied by issuers. Choosing a network like Solana for EWZ Solana, on one hand, facilitates global access, but on the other hand, the fact that the asset is a tokenized ETF by a company raises questions about the extent of decentralization and privacy that the investor truly achieves. The issue of financial surveillance always looms over any digital asset that transits between the traditional and decentralized worlds.

• Token $EWZ: Tokenized version of the iShares MSCI Brazil ETF.
• Launch Network: Solana, recognized for high performance and scalability.
• Partners: Sunrise and Backpack Securities, responsible for the offering and infrastructure.
• Objective: Expand access to large Brazilian companies through digital assets.
• Expected Benefit: Global and digital exposure for local Brazilian assets.

Economic Impact and Global Access

The tokenization of an ETF like $EWZ on Solana represents a strategic move aimed not only at facilitating access but also at integrating traditional financial markets with the digital economy. The ability to trade fractions of a traditional ETF globally and 24/7, without the restrictions of market hours and geographical borders, can increase liquidity and efficiency. Thus, innovation allows an investor in Asia to theoretically buy a part of the Brazilian ETF with the same ease as a local investor.

Moreover, Antonio Neto's statement from the Solana Foundation about "bringing Brazilian tokenized stocks for the world to buy" illustrates the ambition to transform market accessibility. This could attract foreign capital to Brazilian companies and offer local investors a more fluid way to diversify their portfolios. The competition among different blockchain networks and token issuers also drives innovation, seeking more efficient and lower-cost capital solutions.

However, the creation of more liquid and accessible markets, while beneficial, should not come without questions about regulatory costs and state intervention. Looking at the incentives on each side, companies in the sector, driven by competition and profit, tend to seek efficiency and innovation that benefit their clients. On the other hand, the tendency of states and regulators is to expand their reach over these new markets, often under the pretext of investor protection or combating illegality. The real question is whether regulatory intervention is a necessary cost that truly protects the citizen or whether, in practice, it merely expands control over economic freedom and the market's ability to innovate.

Verifying Investor Autonomy

• Check the issuing entity of the token and its credibility in the market.
• Understand the custody terms: do your tokens directly represent the underlying asset or is there an intermediary holding them?
• Analyze the privacy policy and KYC of the platform or issuer.
• Consider the liquidity of the token across different trading platforms.
• Assess whether the flexibility of the digital asset compensates for the reliance on intermediaries.

Editorial Analysis by Bitcoin Block Team

The initiative to launch EWZ Solana, the tokenized version of the iShares MSCI Brazil ETF, on the Solana network via Sunrise and Backpack Securities exemplifies the dynamics of the free market in search of innovations. This innovation aims, in theory, to expand access and liquidity for traditional assets, utilizing blockchain technology. The thesis that local assets gain global and digital exposure is a direct reflection of the potential of interoperability and decentralization, which arise from user demand and the supply of efficient solutions.

However, it is crucial to ponder "at what cost?" the ease of access comes. Although the underlying technology (Solana) is decentralized and efficient, the structure of a tokenized ETF still relies on centralized entities, such as Backpack Securities, for the custody of the underlying assets. This dependence may mitigate the promise of direct control and self-custody that blockchain originally offers. The intervention of regulators, although often presented as protection, can introduce additional costs, complexity, and oversight, without necessarily increasing security for the individual who desires direct ownership and privacy of their assets.

And "what next?"

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