Brazil Approves First Spot XRP ETF as Ripple’s Token Surges

Brazil securities regulator, Comissão de Valores Mobiliários (CVM), has given the green light to the country’s first-ever spot XRP exchange-traded fund (ETF). The Hashdex Nasdaq XRP Index Fund is now set to be listed on Brazil’s B3 stock exchange, though an official trading date is yet to be confirmed.

The approval comes at a time when XRP has gained major momentum, rising 8% over the past 24 hours. As of the latest market data, XRP is trading at $2.72, just 20% away from its all-time high.

Hashdex, a leading asset manager in Brazil’s crypto sector, already offers a variety of crypto ETFs tied to Bitcoin, Ethereum, Solana, DeFi, Web3, and the metaverse. The addition of an XRP-based ETF underscores the growing institutional interest in regulated crypto investment products.

Meanwhile, in the United States, the SEC has begun reviewing multiple applications for spot XRP ETFs. Filings have been submitted by Nasdaq and Cboe BZX exchanges on behalf of CoinShares, Canary Capital, and WisdomTree, marking a possible turning point for XRP’s mainstream financial adoption.

Real-Pegged Stablecoin on XRPL

Beyond ETF advancements, Brazil is also seeing innovation in blockchain-based payments. The Braza Group, a key player in the interbank foreign exchange market, has announced the launch of BBRL, a stablecoin pegged to the Brazilian real.

BBRL will be built on Ripple’s XRP Ledger (XRPL) and backed by Braza Bank, which specializes in cross-border transactions and foreign exchange services. While not among Brazil’s top 10 banks by assets, Braza Bank claims to be the country’s largest exchange bank.

According to Braza Group CEO Marcelo Sacomori, BBRL aims to offer a secure and compliant stablecoin tailored for Brazil’s expanding digital asset market. The stablecoin is scheduled for release in Q1 2025, initially catering to institutional clients before rolling out to retail users.

“We expect BBRL to capture 30% of Brazil’s stablecoin market by the end of next year,” Sacomori stated.

Brazil Eyes Digital Asset Expansion

Braza Group is also participating in DREX, a Brazilian central bank blockchain initiative focused on asset tokenization, cross-border payments, and a potential central bank digital currency (CBDC).

While Brazil’s central bank chief Gabriel Galipolo recently emphasized that DREX is not a direct CBDC, he acknowledged the surging use of crypto assets in the country, with stablecoins accounting for 90% of digital asset transactions.