Brazil Approves First Spot XRP ETF

Brazil is making strides in the crypto sector with the approval of its first spot XRP exchange-traded fund (ETF).

The Hashdex Nasdaq XRP Index Fund has received the green light from the country’s securities regulator, CVM, and will soon be available for trading on the B3 exchange. While the exact launch date remains undisclosed, Hashdex has promised further details soon.

This milestone coincides with a surge in XRP’s price, which climbed nearly 8% to $2.72, bringing it within 20% of its all-time high. Meanwhile, in the U.S., the SEC has acknowledged multiple spot XRP ETF applications from firms like CoinShares, Canary Capital, and WisdomTree, signaling growing institutional interest.

In a separate development, Brazil’s Braza Group is rolling out a real-backed stablecoin, BBRL, on the XRP Ledger. Initially available for institutional use, it is expected to expand to retail markets by late 2025.

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Braza Bank, known for its foreign exchange services, will back the stablecoin, aiming to capture a significant share of Brazil’s growing digital payments sector.

Beyond this, Braza is actively involved in DREX, the Brazilian central bank’s blockchain initiative exploring asset tokenization and cross-border transactions. Authorities have clarified that DREX is not a CBDC but rather an infrastructure upgrade to enhance credit markets through collateralized assets.

With nearly 90% of Brazil’s crypto activity tied to stablecoins, these developments reflect the country’s increasing embrace of blockchain technology and its ambition to lead digital finance in the region.

Alexander Stefanov