According to a report by Cointelegraph, the Brazilian Securities and Exchange Commission (CVM) approved the country’s first spot exchange-traded fund (ETF) for XRP, named the “Hashdex Nasdaq XRP Index Fund,” on Wednesday. A specific date for its listing on the Brazilian B3 exchange has yet to be announced, but the fund management company Hashdex stated that it will provide more details soon.
Prior to this, the U.S. Securities and Exchange Commission (SEC) had also accepted multiple XRP ETF applications submitted by Nasdaq and Cboe BZX exchanges on behalf of CoinShares, Canary Capital, and WisdomTree.
Meanwhile, the Brazilian financial group Braza Group announced the issuance of a new stablecoin, BBRL, which is pegged 1:1 to the Brazilian real on Ripple’s blockchain, the XRP Ledger (XRPL), backed by its subsidiary bank, Braza Bank. The bank focuses on foreign exchange services and international payments; although its asset and deposit sizes do not rank among the top ten in Brazil, it claims to be the largest foreign exchange bank in the country.
Braza has opened access for institutional clients of Braza Bank to use the BBRL stablecoin, and it is expected to be available to individual users through the Braza On app in the next quarter. Sacomori stated, “By the end of next year, we expect BBRL to capture approximately 30% of the market share in Brazil.”