Brazil has taken a significant step in cryptocurrency adoption with the approval of its first spot XRP exchange-traded fund (ETF). The country’s securities regulator, the Comissão de Valores Mobiliários, gave the green light to the Hashdex Nasdaq XRP Index Fund on February 19.
Brazil Welcomes XRP ETF
While an official launch date for trading on Brazil’s B3 exchange has yet to be confirmed, fund manager Hashdex has promised further details soon. Hashdex already offers a variety of crypto ETFs in Brazil, covering Bitcoin, Ethereum, Solana, as well as funds focused on DeFi, Web3, and the metaverse.
This development comes as the U.S. Securities and Exchange Commission (SEC) acknowledged several spot XRP ETF applications from Nasdaq and Cboe BZX, submitted on behalf of CoinShares, Canary Capital, and WisdomTree.
XRP Price Reaction and Market Impact
Following the ETF announcement, XRP surged by 7.8%, reaching $2.72. The token is now just 20% shy of its all-time high, demonstrating renewed investor confidence.
Braza Bank Introduces Real-Pegged Stablecoin on XRPL
In parallel with the ETF approval, Braza Group is launching BBRL, a stablecoin pegged to the Brazilian real, on the XRP Ledger.
“We are committed to offering a stablecoin that not only meets but exceeds the highest security and compliance standards,” said Marcelo Sacomori, CEO of Braza Group.
Backed by Braza Bank, the stablecoin is expected to roll out to institutional clients initially, with plans to expand to consumer markets by the end of 2025.
Braza Group is also actively involved in Brazil’s DREX initiative, which explores asset tokenization and cross-border payments. According to Brazil’s central bank chief Gabriel Galipolo, nearly 90% of crypto-related transactions in the country are linked to stablecoins, highlighting their growing role in the financial ecosystem.
