Brazil’s securities regulator, the Comissão de Valores Mobiliários (CVM), has approved the country’s first spot XRP exchange-traded fund (ETF), marking a significant milestone for the digital asset market. The Hashdex Nasdaq XRP Index Fund has received the green light, though an official launch date on Brazil’s B3 exchange remains undisclosed. Fund manager Hashdex has promised further details soon.
This development comes amid a surge in XRP prices, which climbed 7.8% over the past 24 hours, reaching $2.72 at the time of writing. The cryptocurrency is now just 20% shy of its all-time high, reflecting renewed investor confidence.
XRP ETFs Gain Momentum Globally
The approval of Brazil’s first spot XRP ETF coincides with increased interest in similar financial products worldwide. In the U.S., the Securities and Exchange Commission (SEC) recently acknowledged multiple spot XRP ETF filings from Nasdaq and Cboe BZX, submitted on behalf of firms like CoinShares, Canary Capital, and WisdomTree. While the SEC’s stance on XRP remains a contentious issue, growing institutional interest suggests increasing mainstream adoption.
Braza Group to Launch Real-Pegged Stablecoin on XRPL
Adding to the momentum, Brazil’s Braza Group, a key player in the interbank market, has announced the launch of a new stablecoin, BBRL, pegged to the Brazilian real. Built on Ripple’s XRP Ledger, BBRL aims to enhance cross-border transactions and compliance standards.
Marcelo Sacomori, CEO of Braza Group, emphasized the project’s commitment to security and regulatory compliance. Backed by Braza Bank, a leading exchange bank in Brazil, BBRL is expected to capture 30% of the market by the end of 2025. Initially, the stablecoin will be available to institutional clients before expanding to business-to-consumer transactions.
Brazil’s Expanding Crypto Landscape
The launch of BBRL aligns with Brazil’s broader efforts to integrate blockchain technology into its financial sector. The country’s central bank is advancing its DREX initiative, exploring asset tokenization and a potential central bank digital currency (CBDC). Central Bank Chief Gabriel Galipolo recently highlighted that 90% of crypto flows in Brazil are linked to stablecoins, underscoring their growing role in the financial ecosystem.
Also Read: XRP Price Rebound Looms as Whales Accumulate $388M – Can It Hit $3.37?
With XRP’s strong market performance and increasing institutional interest, Brazil’s latest crypto advancements position the nation as a leader in digital asset adoption across South America.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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