According to a report by Cointelegraph, the Brazilian Securities and Exchange Commission (CVM) approved the country’s first XRP spot exchange-traded fund (ETF), the “Hashdex Nasdaq XRP Index Fund,” on Wednesday. The specific date for its listing on the B3 exchange in Brazil has not yet been announced, but the fund management company Hashdex stated that more details will be provided 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, pegged 1:1 to the Brazilian real on Ripple’s blockchain, the XRP Ledger (XRPL), guaranteed by its subsidiary Braza Bank. The bank focuses on foreign exchange services and international payments; although its asset and deposit scale is not among the top ten in Brazil, it claims to be the largest foreign exchange bank in the country.
Braza has opened the use of the BBRL stablecoin to institutional clients of Braza Bank, 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% market share in the Brazilian market.”
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