Brazil Takes Bold Steps in Crypto: Approves XRP ETF and Prepares for Real-Pegged Stablecoin

In a groundbreaking move for the cryptocurrency market in Brazil, the country’s securities regulator, Comissão de Valores Mobiliários (CVM), has given the green light to the nation’s first spot XRP exchange-traded fund (ETF. This approval, granted on February 19, 2025, marks a significant milestone in the integration of digital assets into traditional financial markets.

XRP ETF Approval

The Hashdex Nasdaq XRP Index Fund, managed by Hashdex, is set to be listed on Brazil’s B3 exchange, though an official trading date is yet to be announced. This move aligns Brazil with the growing global trend of cryptocurrency ETFs, as Hashdex already offers similar products for Bitcoin, Ethereum, Solana, and other blockchain-related themes.

The approval coincided with a notable surge in XRP’s value, which saw an 8% increase over 24 hours, reaching $2.721. This price movement brings XRP within 20% of its all-time high, reflecting the market’s positive reaction to the news.

Stablecoin Initiative on XRP Ledger

Alongside the ETF approval, Brazil’s cryptocurrency landscape is set for further expansion with the announcement of a new stablecoin project. Braza Group, a significant player in Brazil’s interbank market, has revealed plans to launch BBRL, a stablecoin pegged to the Brazilian real, on Ripple’s XRP Ledger.

Marcelo Sacomori, CEO of Braza Group, emphasized the company’s commitment to creating a stablecoin that adheres to the highest security and compliance standards. The BBRL stablecoin will be backed by Braza Bank, which specializes in foreign exchange and international payments.

Launch Timeline and Market Expectations

The BBRL stablecoin is scheduled for launch in the first quarter of 2025, initially targeting institutional clients before expanding to retail customers. Braza Group has set ambitious goals, with Sacomori projecting that BBRL could capture about 30% of the Brazilian market by the end of 2026.

Broader Implications

These developments come at a time when Brazil’s central bank reports a significant increase in crypto asset usage, with stablecoins accounting for approximately 90% of the flow. The country is also exploring broader blockchain applications through DREX, a central bank initiative focusing on asset tokenization, cross-border payments, and potential CBDC infrastructure.

As Brazil continues to embrace cryptocurrency innovations, these latest moves are likely to position the country as a leader in digital asset adoption in South America, potentially influencing broader regional trends in financial technology and regulation.

Angel Marinov is the Managing Editor at Coinlabz. With extensive knowledge of crypto payments and blockchain use cases, Angel is a trusted source of accurate and timely information