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 Brazilian B3 exchange has not yet been 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 that it has issued a new stablecoin, BBRL, pegged 1:1 to the Brazilian real on Ripple’s blockchain XRP Ledger (XRPL), backed by its bank, Braza Bank. The bank focuses on foreign exchange services and international payments; although its asset and deposit size does not rank among the top ten in Brazil, it claims to be the country’s largest foreign exchange bank.
Braza has opened the use of the BBRL stablecoin to institutional clients of Braza Bank and expects to make it available to individual users through the Braza On application 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.”
