• Brazil’s securities regulator approved the first spot XRP ETF, managed by Hashdex.  
  • XRP experienced an 8% price increase after the ETF received approval while approaching its historical trading peak.  
  • Braza Group aims to create a real-pegged stablecoin on Ripple’s XRP Ledger for launch in 2025.

Brazil’s securities regulator approved the establishment of its inaugural spot XRP exchange-traded fund (ETF). The Hashdex Nasdaq XRP Index Fund obtained regulatory approval on February 19. This move allows investors to access XRP exposure without needing to acquire the asset directly. 

The ETF will trade on Brazil’s B3 exchange, but the exact start date is unknown. Hashdex, fund manager, plans to deliver additional information in the near future. The firm operates different crypto ETFs where it currently administers investments based on Bitcoin, Ethereum and Solana. Brazil shows growing acceptance of crypto investments through this recent initiative.  

XRP Price Rises After ETF Approval

XRP prices jumped by 7.8% in one day after the ETF announcement. At the time of writing, XRP trades at $2.72. The price is now only 20% below its all-time high. Analysts believe further adoption could push XRP even higher.

Meanwhile, the U.S. Securities and Exchange Commission (SEC) has acknowledged several spot XRP ETF filings. Nasdaq and Cboe BZX submitted these filings for firms like CoinShares, Canary Capital, and WisdomTree. If approved, these ETFs could increase XRP’s global demand and value.

Braza Group Plans Real-Pegged Stablecoin 

Braza Group, a key player in Brazil’s interbank market, is launching a stablecoin backed by the Brazilian real. The new token, called BBRL, will operate on Ripple’s XRP Ledger. Braza Bank, Brazil’s largest exchange bank, will manage the stablecoin.  

The stablecoin will first be available to institutional clients in early 2025. Later, it will expand to business-to-consumer transactions. Braza Group predicts BBRL will control a 30% share of Brazil’s stablecoin market  by the end of 2025. This move highlights how blockchain technology continues to expand its significance in Brazil’s financial infrastructure.  

Brazil’s Growing Crypto Market 

The central bank of Brazil adopted blockchain technology integration for its operations. The bank launched DREX, a blockchain solution  which focused on asset tokenization and cross-border payment. The innovative DREX system functions independently from central bank digital currency status while working to expand credit opportunities.  

Crypto adoption in Brazil has surged in recent years. Stablecoins account for 90% of the country’s digital asset transactions. With the approval of Brazil’s first spot XRP ETF and the upcoming BBRL stablecoin, Brazil is solidifying its position as a leader in the digital economy.  

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Antonella is a cryptocurrency and news writer who travels the world, finding inspiration in diverse cultures. She cherishes moments sitting on the beach, watching sunsets. Through her writing, Antonella explores the dynamic realm of cryptocurrency and delivers insightful news. Her work encapsulates both the excitement of finance and the serenity of nature's beauty.