Brazil has approved its first spot XRP exchange-traded fund (ETF). Following the approval, XRP’s price increased by 8% within last 24 hours.
The Hashdex Nasdaq XRP Index Fund received approval from Brazil’s securities regulator, the Comissão de Valores Mobiliários (CVM), on Feb. 19. This means investors in Brazil will soon be able to trade an XRP-backed ETF on the B3 stock exchange. However, an official trading date has not yet been announced. Hashdex, the fund’s manager, will provide further details soon.
Brazil’s securities regulator has approved the country’s first spot XRP ETF. Source: XHashdex Expands Crypto ETF Offerings
Hashdex already manages several crypto ETFs in Brazil, including funds for Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and specialized funds focused on DeFi, Web3, and the metaverse. The launch of an XRP ETF expands its portfolio and gives Brazilian investors a regulated way to invest in the digital asset.
Industry experts believe this decision signals a shift toward greater regulatory acceptance of cryptocurrencies.
Brazil’s approval of the world’s first spot XRP ETF marks a significant step for the digital asset market, signaling growing regulatory acceptance and mainstream integration of cryptocurrencies.
said Anish Jain, Founder of W Chain.
He added that Brazil is positioning itself as a leader in digital finance innovation, setting an example for other nations.
The Hashdex Nasdaq XRP Index Fund provides a regulated and accessible avenue for investors to gain exposure to XRP, potentially driving further adoption and liquidity.
Jain said.
Meanwhile, in the United States, the Securities and Exchange Commission (SEC) recently acknowledged multiple applications for a spot XRP ETF from firms like CoinShares, Canary Capital, and WisdomTree.
Following these developments, XRP’s price jumped by 7.8%, reaching $2.72. The token is now just 20% below its all-time high.
Brazilian Bank to Launch Stablecoin on XRP Ledger
Meanwhile, Braza Group, a financial institution in Brazil, announced plans to launch a real-backed stablecoin called BBRL on XRP Ledger (XRPL).
Marcelo Sacomori, CEO of Braza Group, said the bank aims to set high standards for security and compliance. Braza Bank, which specializes in foreign exchange and international payments, will issue the stablecoin. Although the bank is not among Brazil’s top 10 in terms of assets, it claims to be the country’s largest exchange bank.
BBRL Stablecoin Expected to Capture 30% of Market
Braza Group expects BBRL to launch in early 2025, initially for institutional clients. Over time, the bank plans to expand access to businesses and retail customers.
“By the end of next year, we expect BBRL to capture about 30% of the Brazilian market,” Sacomori said.
Braza Bank’s BBRL stablecoin. Source: Braza BankMarkus Infanger, a senior vice president at RippleX, added that launching BBRL on XRP Ledger could boost crypto adoption in Brazil and beyond.
Braza Group is also involved in DREX, a blockchain initiative led by Brazil’s central bank. The project focuses on asset tokenization, cross-border payments, and a potential central bank digital currency (CBDC). However, Galipolo clarified that DREX is not a CBDC but an infrastructure project aimed at improving credit systems with collateralized assets.
Brazil’s central bank chief, Gabriel Galipolo, recently stated that crypto adoption has grown rapidly in the country. Currently, about 90% of Brazil’s crypto transactions involve stablecoins.
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