Brazil Approves First Spot XRP ETF as XRP Surges 8%

Brazil's Comissão de Valores Mobiliários (CVM) has approved the country's first spot XRP exchange-traded fund (ETF), the Hashdex Nasdaq XRP Index Fund, set to trade on the B3 exchange. The decision, announced on February 19, coincides with an 8% surge in XRP price over the past 24 hours, pushing it to $2.72, just 20% below its all-time high.

Hashdex, a key crypto fund manager in Brazil, already offers ETFs for Bitcoin, Ethereum, Solana, and sectors like DeFi, Web3, and the metaverse. While the official launch date for the XRP ETF is yet to be announced, Hashdex has promised further updates soon.

This development follows the U.S. SEC’s review of multiple spot XRP ETF filings from Nasdaq and Cboe BZX on behalf of CoinShares, Canary Capital, and WisdomTree, further fueling XRP’s price rally.

Meanwhile, Brazil’s Braza Group plans to launch a real-pegged stablecoin, BBRL, on the XRP Ledger. Backed by Braza Bank, the country’s largest foreign exchange bank, BBRL will initially serve institutional clients before expanding to broader markets. CEO Marcelo Sacomori expects BBRL to capture 30% of Brazil’s market by 2026.

Braza Group is also actively involved in DREX, the Brazilian central bank’s blockchain project focused on asset tokenization and cross-border payments. Despite speculation, Central Bank Chief Gabriel Galipolo clarified that DREX is not a CBDC but aims to enhance credit markets using tokenized assets.

With growing adoption of stablecoins, tokenization, and XRP-based financial products, Brazil continues to emerge as a key player in the global crypto market.