Yigit Taha OZTURK 
Brazil has made a significant move in the cryptocurrency world by approving the country’s first spot XRP exchange-traded fund. This announcement comes after XRP‘s price rose by 8% in the past 24 hours. The Hashdex Nasdaq XRP Index Fund was approved by Brazil’s securities regulator, Comissão de Valores Mobiliários, on February 19, and is now ready for trading.
Although an official trading date has not been announced yet, fund manager Hashdex mentioned that more information will be provided soon. Hashdex offers a variety of crypto ETFs in Brazil, including Bitcoin, Ethereum, Solana, and funds focused on DeFi, Web3, and the Metaverse.
This development in Brazil parallels the recent approval of XRP ETF filings by the SEC in the United States, with filings from Nasdaq and Cboe BZX exchanges. XRP prices responded by rising 7.8%, reaching $2.72. The coin is currently only 20% away from its all-time high.
Brazilian Bank to Launch Stablecoin on XRPL
Meanwhile, Braza Group, a key player in Brazil’s interbank market, is working on launching a Brazilian real-pegged stablecoin on Ripple‘s blockchain, the XRP Ledger. Marcelo Sacomori, CEO of Braza Group, stated in a February 19 announcement:
“We are committed to offering a stablecoin that not only meets but exceeds the highest security and compliance standards.”
You Might Be Interested In: Elon Musk Talks About the Name of a New Memecoin!
The stablecoin, named BBRL, will be backed by Braza Bank, a company specializing in foreign exchange services and international payments. While Braza Bank isn’t among the top 10 banks in Brazil by assets and deposits, it claims to be the largest exchange bank in the country.
Launch and Future of the Stablecoin
The BBRL stablecoin is set to launch in the first quarter of 2025 and will initially be available to institutional clients. Sacomori stated:
“By the end of next year, we expect BBRL to capture about 30% of the market in Brazil.”
DREX, a Brazilian central bank blockchain initiative, is also in progress, with Braza Group participating. DREX is working on asset tokenization, cross-border payments, and a potential central bank digital currency (CBDC).
You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.