Brazil Approves First Spot XRP ETF
27 Feb, 2025 ● Coin news
Brazil’s securities regulator has approved the country’s first spot XRP exchange-traded fund (ETF), coinciding with an 8% price surge for the asset over the past 24 hours.
The Hashdex Nasdaq XRP Index Fund received approval for trading from the Comissão de Valores Mobiliários (CVM) on Feb. 19
However, an official launch date on Brazil’s B3 exchange has not yet been announced.
Fund manager Hashdex stated that further details would be provided soon.
Hashdex already offers multiple crypto ETFs in Brazil, including funds for Bitcoin, Ethereum, Solana, as well as products focused on DeFi, Web3, and the metaverse.
This development comes as the U.S. Securities and Exchange Commission acknowledged several spot XRP ETF filings submitted by Nasdaq and Cboe BZX exchanges on behalf of CoinShares, Canary Capital, and WisdomTree.
XRP responded positively to the news, gaining 7.8% on the day to reach $2.72 at the time of writing.
The token is now just 20% below its all-time high.
Meanwhile, Braza Group, a participant in Brazil’s interbank market, is preparing to launch a new stablecoin pegged to the Brazilian real on Ripple’s XRP Ledger.
In a Feb. 19 announcement, Braza Group CEO Marcelo Sacomori stated:
“We are committed to offering a stablecoin that not only meets but exceeds the highest security and compliance standards.”
The real-backed stablecoin, called BBRL, will be supported by Braza Bank, which specializes in foreign exchange services and international payments.
While not among Brazil’s top 10 banks by assets and deposits, the bank claims to be the country’s largest exchange-focused financial institution.
RippleX senior vice president Markus Infanger commented on the launch:
“Launching a stablecoin like BBRL on the XRP Ledger creates significant opportunities for the Brazilian market while also laying the groundwork for broader adoption across South America and beyond.”
The stablecoin is set to launch in the first quarter of 2025, initially targeting institutional clients before expanding to business-to-consumer markets. Sacomori projected:
“By the end of next year, we expect BBRL to capture about 30% of the market in Brazil.”
Braza Group is also involved in DREX, a Brazilian central bank initiative focused on blockchain-based asset tokenization, cross-border payments, and exploring the potential for a central bank digital currency (CBDC).
Earlier this month, Brazil’s central bank chief, Gabriel Galipolo, noted that crypto asset adoption in the country has surged in recent years, with approximately 90% of transaction flows linked to stablecoins.
He also clarified that DREX is not designed as a traditional CBDC but rather as an infrastructure framework aimed at improving credit systems through collateralized assets.
Sources:
https://cointelegraph.com/news/brazilian-bank-launching-stablecoin-xrpl-first-spot-xrp-etf-approved
https://cvmweb.cvm.gov.br/swb/default.asp?sg_sistema=fundosreg
https://ripple.com/ripple-press/braza-group-announces-launch-of-bbrl-stablecoin-on-the-xrp-ledger/
