Brazil approves the first XRP spot ETF, and local banks plan to launch XRPLStable Coin

The Brazilian Securities and Exchange Commission has recently approved the country's first XRP Spot ETF. The local bank, Braza Group, also announced that it will launch a Stable Coin BBRL pegged to the local Fiat Currency Brazilian Real (BRL) on Ripple's XRP Ledger, with plans to officially go live in the first quarter of 2025.

XRP ETF approved, adding another cryptocurrency ETF to the Brazilian market

The Brazilian Securities and Exchange Commission Comissão de Valores Mobiliários (CVM) approved the country's first XRP Spot ETF for trading in Brazil yesterday. The fund is named the 'Hashdex Nasdaq XRP Index Fund.' Although the specific listing date has not been announced, the fund management company Hashdex said it will disclose further details soon.

Currently, Hashdex has launched several cryptocurrency ETFs in Brazil, including Bitcoin ETF, Ethereum ETF, Solana ETF, and other related funds.

At this time, the Securities and Exchange Commission (SEC) of the United States is also reviewing multiple institutions' applications for XRP Spot ETF, including applications submitted by Nasdaq and Cboe BZX.

(Grayscale applies for the first Cardano Spot ETF in the United States! Solana and XRP are also on the way, and the SEC's attitude is crucial)

The local bank plans to issue BBRL Stable Coin on XRPL

Meanwhile, Braza Group, one of Brazil's largest foreign exchange banks focused on international payments, announced that it will launch BBRL on Ripple (Ripple)'s XRP Ledger (XRPL) blockchain Stable Coin and pegged to the local Fiat Currency (BRL).

( explore Ripple's liquidity flywheel strategy: can the new Stable Coin RLUSD replicate XRP's success? )

Marcelo Sacomori, CEO of Braza Group, said:

We are committed to providing a Stable Coin that not only complies with regulations, but even surpasses the highest security and compliance standards, and BBRL will be supported by Braza Bank.

Markus Infanger, Senior Vice President of RippleX, noted:

The launch of BBRL on the XRP Ledger will not only create significant opportunities for the Brazilian market, but also lay the foundation for widespread adoption in South America and other regions.

The announcement stated that BBRL is expected to be issued in the first quarter of 2025, initially only open to institutional clients, and will subsequently expand to the B2C market:

We expect BBRL to capture about 30% of the Brazilian Stable Coin market by the end of 2025.

The value of the local Fiat currency has been devalued, and Stable Coin has become an alternative

Looking closely at the sharp depreciation of the local Fiat Currency BRL against the US dollar in recent years, it has fallen by more than 13.5% in the past year and 23.4% in five years, which may be the main reason why both central and local users in the country are actively exploring the application of Stable Coin.

Gabriel Galipolo, governor of Brazil's central bank (BCB), said earlier this month that the trading volume and demand for crypto coins in the country have increased significantly over the past few years, and about 90% of them are related to Stable Coin.

(Stable Coin accounts for over 90% of cryptocurrency coin trading in Brazil! Central Bank Governor: Regulatory challenges are the key)

In addition, the country's central bank has also promoted the blockchain initiative DREX, which aims to explore asset substitution, cross-border payments, and the possible launch of the central bank's digital goods coin (CBDC).

With the approval of the XRP ETF and the imminent launch of BBRL Stable Coin, Brazil is undoubtedly fast becoming the center of crypto and blockchain technology development in Latin America.

This article Brazil approves the first XRPSpot ETF, and local banks plan to launch XRPLStable Coin first appeared in Chain News ABMedia.