This Country Just Launched the World's First XRP ETF—and It's Not the US

Ripple XRP prices have climbed over 10% in the past week and held steady at £2.14 ($2.69) on 20th February. The recent price surge could be attributed to the US Securities and Exchange Commission's (SEC) acknowledgement of multiple XRP ETF filings from Grayscale, Canary Capital, and Wisdom Tree.

While SEC acknowledgements are a big deal, they don't mean automatic approval of XRP ETFs. The ETF filings will now be published in the Federal Register for public feedback before the SEC evaluates responses to approve, reject, or extend the review process, which could prolong up to 240 days.

As the crypto market celebrated these developments in the US, Brazil came out of nowhere to approve the launch of the world's first-ever XRP spot ETF yesterday.

Brazil's XRP ETF Listing Date Yet To Be Revealed

According to a local news source, the Brazil Securities and Exchange Commission (CVM) officially approved the Hashdex Nasdaq XRP Index Fund. The CVM website states that Hashdex's XRP spot ETF is still in the pre-operational phase.

Although the XRP ETF listing date on Brazil's B3 stock exchange is yet to be revealed, Hashdex officials stated in an official announcement that they will share the details very soon. Hashdex, an asset manager, operates diverse crypto ETFs in Brazil, including Bitcoin, Solana, Ethereum, and funds dedicated to Web3 and DeFi.

According to Ripple's general manager for Latin America, Silvio Pegado, XRP is the best candidate for an ETF right now, given its real-world utility, rising institutional demand, and the US SEC's defeat in its infamous legal battle.

Brazil's Braza Group Launches Stablecoin

Elsewhere, Brazil's interbank market leader, Braza Group, said it would launch the new Brazilian Real-pegged stablecoin called BBRL on the Ripple XRP Ledger. Braza Bank is the backing institution for BBRL, which operates under its management.

Braza Group CEO Marcelo Sacomori said BBRL would be a "game-changer for global financial markets." The stablecoin is expected to improve the stability and effectiveness of cross-border transactions. He plans to have BBRL secure 30% of the Brazilian market share before the end of 2025.

The BBRL system will be made available to the public in early 2025 but will first serve institutions before expanding to retail consumers.

The Brazilian government's interest in cryptocurrencies is growing as its central bank prioritises blockchain technology and asset tokenisation and plans to develop a central bank digital currency (CBDC).

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