Brazil Launches First Spot XRP ETF, Will the U.S. Be Pressured to Approve?

Recently, Brazil launched the world's first spot XRP ETF, marking an important milestone in the cryptocurrency market and putting some pressure on the U.S.

On April 25, asset management company Hashdex listed the XRP spot ETF on the Brazilian B3 stock exchange, with the stock code XRPH11. This ETF will track the price of XRP based on the Nasdaq XRP Reference Price Index.

The Brazilian Securities and Exchange Commission (CVM) approved this ETF back in February, and it was officially launched this week. The fund will invest at least 95% of its assets in XRP, including futures contracts and other securities.

Although Hashdex promotes it under the name “Hashdex Nasdaq XRP Fund de Indices,” the actual management is handled by Genial Investimentos, with Genial Bank SA serving as the custodian.

The annual fee for the new XRP ETF is 0.8%, which includes a 0.7% management fee and a 0.1% custody fee. This is the ninth cryptocurrency ETF listed by Hashdex on the B3 exchange, following products that track Bitcoin, Ethereum, and Solana. This indicates that Brazil is becoming increasingly open to cryptocurrency investments.

However, the U.S. has not yet launched a spot XRP ETF, despite XRP being created by the American company Ripple, with a market cap of over $120 billion, making it the third-largest cryptocurrency after stablecoins. Ripple's recent lenient stance in resolving regulatory issues with the U.S. SEC, along with the Trump administration's goal of making the U.S. the “cryptocurrency capital of the world,” suggests a more positive regulatory atmosphere for cryptocurrencies in the U.S.

Currently, several large asset management firms, including Grayscale and Franklin Templeton, have submitted applications to issue a spot XRP ETF in the U.S. Analysts believe that the likelihood of the XRP ETF being approved in the U.S. is 73%.

Meanwhile, the U.S. did launch a leveraged XRP ETF last week, but the spot ETF has not yet been approved. For U.S. investors looking to invest in XRP without directly holding it, U.S. regulators may face greater decision-making pressure when considering such investment products.

Finally, do you think the U.S. will approve the launch of a domestic spot XRP ETF after Brazil?