- Brazil’s securities regulator has approved the first spot XRP ETF leading to a price surge and increased market capitalization for the digital asset.
- This positive regulatory development in Brazil, along with progress towards a US XRP ETF and the launch of a new Brazilian real-pegged stablecoin on the XRP Ledger.
XRP is making waves as Brazil’s securities regulators, the ‘Comissão de Valores Mobiliários’ gave the green light to the very first spot XRP ETF. As a ripple effect, Ripple’s native token has seen a noble price rise in its market price.
At the time of writing, XRP is swapping hands with $2.69 after a 5.45% surge in the past 24 hours. On the same, XRP’s rally has seen its market cap surge by 5.40% stopping at $155.78 Billion.
Activity on its network has also seen a surge with the 24 hour trading volume surging by 12.54%.
Notably, over the past month, XRP has experienced two significant surge in value, with the most notable increase occurring on February 14th. On this day, XRP reached a price of $2.84, marking a high point in its recent performance.
Brazil’s securities regulator, the Comissão de Valores Mobiliários (CVM), approved the Hashdex Nasdaq XRP Index Fund for trading on February 19. While an official start date on Brazil’s B3 exchange is pending, fund manager Hashdex plans to release further information soon.
This marks another addition to Hashdex’s existing suite of crypto ETFs in Brazil, which already includes offerings for Bitcoin, Ethereum, Solana, DeFi, Web3, and the metaverse.
While XRP enthusiasts continue to jubilate, the journey to acquire a U.S. based spot ETF is making significant strides. As we earlier reported, the U.S. SEC acknowledged several XRP ETFs.
Expounding, on February 18, the SEC acknowledged a filing from Cboe BZX Exchange to list Bitwise’s XRP ETF, making it the latest in a series of crypto-related ETF applications under regulatory consideration.
It is worth mentioning that Bitwise was the first asset manager to submit an S-1 application for an XRP ETF in the United States. Following Bitwise’s lead, other firms, including WisdomTree and 21Shares, also filed applications for similar products.
Meanwhile, Ripple’s success is far from over. Officially launched in late December 2024, RLUSD is making significant strides. Braza Group, a key player in Brazil’s interbank market, is set to introduce a new stablecoin. This digital currency will be pegged to the Brazilian real and will operate on Ripple’s blockchain, the XRP Ledger.
The CEO, beaming with pride at the company’s remarkable achievements, declared;
We are committed to offering a stablecoin that not only meets but exceeds the highest security and compliance standards
BBRL, a stablecoin with a real peg, will be backed by Braza Bank. While not a top-10 Brazilian bank by assets or deposits, Braza Bank specializes in foreign exchange and international payments, and claims to be the country’s largest exchange bank.
Launching a stablecoin like BBRL on the XRP Ledger creates significant opportunities for the Brazilian market while also laying the groundwork for broader adoption across South America and beyond,” said Markus Infanger, senior vice president at RippleX