Brazil continues to make headlines on the global stage — for both its bold strides in financial innovation and the challenges of its political legacy.
On April 25, Brazilian asset manager Hashdex launched the world’s first-ever spot $XRP Exchange-Traded Fund (ETF) — the XRPH11 — on the B3 stock exchange. This historic development positions Brazil as a global leader in regulated cryptocurrency investment products, even as the United States still awaits regulatory clarity.
The XRPH11 fund tracks the Nasdaq XRP Reference Price Index, with more than 95% of its holdings directly in XRP or related financial instruments. With Genial Investimentos managing the fund and Genial Bank SA handling custody, investors are assured of professional-grade security and transparency. The fund offers a highly competitive annual fee of just 0.8%, making it an accessible option for both institutional and retail participants seeking exposure to digital assets.
Brazil’s Securities and Exchange Commission (CVM) approved XRPH11 earlier this year, following Hashdex’s earlier success with a Solana spot ETF. With nine crypto-focused ETFs now listed on B3, Hashdex continues to meet surging demand from an increasingly crypto-curious market.
This bold move puts further pressure on U.S. regulators, where major firms like Grayscale and Franklin Templeton are still awaiting spot XRP ETF approvals. Recent political momentum under former President Donald Trump has revived hopes for faster regulatory reforms in the U.S., but Brazil has already set the pace.
A Country of Contrasts: Innovation and Political Challenges
Even as Brazil celebrates advancements in the digital economy, it faces fresh reminders of its turbulent political past.
On the same day as the XRPH11 launch, former Brazilian president Fernando Collor de Mello was arrested to begin serving a nearly nine-year sentence for corruption and money laundering. Collor, who became Brazil’s first democratically elected president after the 1964–1985 military dictatorship, resigned in 1992 amid an impeachment process for bribery allegations.
His latest conviction stems from the infamous “Car Wash” corruption scandal, where he was found guilty of accepting 20 million reais (~$3.5 million USD) in bribes between 2010 and 2014 while serving as a senator. He was detained in Maceió and is currently being held in a special wing of Baldomero Cavalcanti de Oliveira prison.
Collor de Mello’s downfall highlights the lingering impact of “Car Wash,” a vast investigation that exposed networks of bribery and corruption across Latin America. Notably, current President Luiz Inácio Lula da Silva was also previously jailed under the scandal before having his conviction overturned and securing a third term in 2022.
Brazil’s political landscape remains volatile: four of the seven presidents since the dictatorship era have faced impeachment, conviction, or imprisonment — and former president Jair Bolsonaro is currently under investigation related to an alleged coup plot after his 2022 election loss.
Looking Ahead: Brazil’s Dual Identity
Brazil stands today as a nation of sharp contrasts — pioneering innovation in the financial and crypto sectors, while confronting the legacies of political scandal and instability.
With Hashdex’s XRPH11 leading the charge into a new era of regulated crypto investment, and the Brazilian public demanding greater accountability from its leaders, the country’s future remains as dynamic and unpredictable as ever.
The world now watches closely — will Brazil’s innovation outpace its political challenges?
Only time will tell.
