Brazil’s securities regulator has given the green light to the country’s first spot XRP exchange-traded fund (ETF) following an 8% surge in the asset’s value over the past 24 hours.
The Hashdex Nasdaq XRP Index Fund has received approval from the Comissão de Valores Mobiliários (CVM) and is set to be listed for trading in Brazil. However, an official launch date on the B3 exchange is yet to be announced. Hashdex, the fund manager, has stated that further details will be shared soon.
Hashdex already provides multiple cryptocurrency ETFs in Brazil, covering assets such as Bitcoin, Ethereum, and Solana, as well as investment funds focused on DeFi, Web3, and the metaverse.
Meanwhile, in the United States, the Securities and Exchange Commission (SEC) has acknowledged several spot XRP ETF applications from Nasdaq and Cboe BZX, submitted on behalf of CoinShares, Canary Capital, and WisdomTree.
XRP’s price responded with a 7.8% increase, reaching $2.72 at the time of writing—just 20% below its all-time high.
Brazilian Bank Introduces Real-Pegged Stablecoin on XRPL
At the same time, Brazil’s interbank market player Braza Group is launching a new stablecoin backed by the Brazilian real on Ripple’s XRP Ledger.
“Our goal is to offer a stablecoin that exceeds the highest security and compliance standards,” said Marcelo Sacomori, CEO of Braza Group, in a statement released on Feb. 19.
The stablecoin, named BBRL, will be supported by Braza Bank, which specializes in foreign exchange and international payments. While not among Brazil’s top 10 banks in terms of assets or deposits, the institution claims to be the country’s largest exchange bank.
“Launching BBRL on the XRP Ledger unlocks major opportunities for Brazil’s financial market and sets the stage for wider adoption across South America,” said Markus Infanger, senior vice president at RippleX.
The stablecoin is scheduled for release in Q1 2025, initially targeting institutional clients before expanding to business-to-consumer transactions. According to Sacomori, the bank expects BBRL to secure around 30% of the Brazilian market by the end of next year.
Braza Group is also engaged in DREX, a blockchain initiative led by Brazil’s central bank that focuses on asset tokenization, cross-border payments, and the potential for a central bank digital currency (CBDC).
Earlier this month, Brazil’s central bank deputy governor, Gabriel Galipolo, highlighted the growing role of crypto in the country’s financial landscape, noting that stablecoins now account for roughly 90% of digital asset transactions.
He further clarified that DREX is not strictly a CBDC but rather an infrastructure designed to improve credit access through asset-backed solutions.
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