XRP Surges 7% As Brazil Will Launch World’s First Spot ETF

A wave of spot exchange-traded funds (ETF) is expected to hit the market soon. While Bitcoin (BTC) is already making headlines, altcoins are set to follow suit. While financial regulators of the United States are still looking into the industry, countries like Brazil are seen making strides. Earlier today, reports revealed that Brazil is all set to introduce what may be the first spot XRP ETF globally following the approval of Hashdex’s XRP fund by the nation’s regulator.

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XRP ETF In The Making

Source: Wikipedia

Portal do Bitcoin reports that this new approval is a significant development for the nation’s financial industry as well as for Hashdex. Established on February 18, 2025, the ETF, officially known as the Hashdex Nasdaq XRP Index Fund, is still in its pre-operational stage. The fund’s administrator is a Brazilian brokerage company called Genial Investimentos.

According to the website of Brazil’s Securities and Exchange Commission (CVM), the Hashdex Nasdaq XRP Index Fund is presently in the pre-operational stage. The XRP fund is anticipated to debut on Brazil’s B3 exchange. However, Hashdex has not yet disclosed a start date.

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Meanwhile, the United States is still figuring its way around altcoins ETFs. It should be noted that the US Securities and Exchange Commission (SEC) accepted a number of spot XRP ETF applications. These were from the Nasdaq and Cboe BZX exchanges on behalf of CoinShares, Canary Capital, and WisdomTree.

Amidst this update, news of a stablecoin based on the Brazilian real is being introduced by Braza Group, a participant in the Brazilian interbank market, using Ripple’s XRP Ledger platform, came to light. The stablecoin called BBRL will be backed by Braza Bank. Markus Infanger, senior vice president at RippleX, spoke about the same and said,

“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.”

Did This Impact The Price of The Altcoin?

Over the past 24 hours, XRP recorded a massive rise of more than 7%. At the time of writing, the asset was trading at $2.68. Ripple’s cryptocurrency went from trading at a low of $2.54 all the way to a high of $2.74.