According to Cointelegraph, the Brazilian Securities and Exchange Commission (CVM) approved the country's first XRP spot exchange traded fund, the Hashdex Nasdaq XRP Index Fund, on Wednesday. The specific date of listing on the Brazilian B3 exchange has not yet been announced, and the fund management company Hashdex stated that more details will be provided soon.

Prior to this, the US 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.

At the same time, Brazilian financial group Braza Group announced that it has issued a new stablecoin BBRL pegged 1:1 to the Brazilian real on Ripple's memory blockchain XRP Ledger (XRPL), guaranteed by its subsidiary bank Braza Bank. The bank focuses on foreign exchange services and international payments, and although its assets and deposit size are not among the top ten in Brazil, it claims to be the country's largest foreign exchange bank.

Braza Group CEO Marcelo Sacomori stated in the announcement, "We are committed to providing stablecoins that not only meet, but even exceed, the highest security and compliance standards. With BBRL, Brazilian citizens and domestic businesses will have access to new alternatives to prevent volatility and simplify their operations, thereby promoting a more inclusive and efficient financial ecosystem

Braza It indicates that institutional customers of Braza Bank have already opened up the use of BBRL stablecoin, and it is expected to be opened to individual users through the Braza On app in the next quarter. Sacomori By the end of next year, we expect BBRL to have a market share of approximately 30% in the Brazilian market