Gate News: On March 17, Ripple announced the expansion of its digital asset services in Brazil and plans to apply for a Virtual Asset Service Provider (VASP) license from the Central Bank of Brazil to be included in the country’s cryptocurrency regulatory framework. Currently, several Brazilian institutions are connected to the Ripple network. Banco Genial processes US dollar transfers on the network; Braza Bank uses it for foreign exchange settlements and has issued a stablecoin backed by the real on the XRP Ledger; fintech company Nomad leverages the network for stablecoin settlements of funds between Brazil and the United States. Additionally, partners like CRX and Justoken are issuing tokenized assets using Ripple’s custody products, covering real-world assets such as commodities.
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