First Spot XRP ETF Debuts in Brazil, Market Sentiment Suggests US Approval May Not Be Far Off

Key Takeaways

• Brazil has approved the world’s first spot XRP ETF, issued by Hashdex with Genial Investimentos as the administrator.
• The move highlights Brazil’s growing institutional demand for crypto and its lead in digital asset regulation.
• With the SEC acknowledging multiple spot XRP ETF applications, the U.S. could follow soon.

Brazil has become the first country to approve a spot XRP exchange-traded fund (ETF), reinforcing its position as a leader in Latin America’s crypto market.

The fund, issued by asset manager Hashdex, will provide investors with direct exposure to XRP through the B3 stock exchange.

Brazil Takes the XRP ETF Lead Amid Growing Adoption

The Brazilian Securities and Exchange Commission (CVM) greenlit the Hashdex Nasdaq XRP Index Fund, which is currently in its pre-operational phase.

Genial Investimentos, a leading Brazilian brokerage, has been designated as the fund’s administrator.

Ripple’s Latin America Managing Director, Silvio Pegado, hailed the approval as a testament to XRP’s real-world utility and increasing institutional demand.

Brazil’s dominance in the XRP ETF race is no coincidence.

As Latin America’s largest economy, the country has embraced crypto regulation, leading to widespread adoption.

It already boasts multiple Bitcoin ETFs and a regulatory framework that enables banks to offer crypto exposure to investors.

A Chainalysis report underscored Brazil’s crypto momentum, showing that between July 2023 and June 2024, crypto traders in the country deposited nearly $90 billion in digital assets.

Could the U.S. Follow Brazil’s Lead?

With the SEC acknowledging several spot XRP ETF applications , the U.S. could soon approve its own version—especially under the pro-crypto stance of Donald Trump’s administration.

Major asset managers, including Bitwise, Hashdex, WisdomTree, 21Shares, CoinShares, and Grayscale, have filed for a spot XRP ETF.

The SEC has also formally acknowledged applications from Nasdaq and Cboe BZX exchanges on behalf of CoinShares, Canary Capital, and WisdomTree.

Market sentiment suggests approval may not be far off. The prediction market Polymarket currently estimates an 80% chance that a spot XRP ETF will be approved in the U.S.

Fueling this optimism is Ripple’s growing influence in Washington.

CEO Brad Garlinghouse recently met with President Trump, who has shared multiple articles highlighting XRP’s role in the crypto ecosystem.

With the SEC lawsuit against Ripple nearing its conclusion, many believe U.S. approval is now a matter of when—not if.