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BRICS considering a stablecoin launch for international trade settlement

By:
on Apr 23, 2024
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  • The bloc could create its stablecoin for global trade.
  • Member countries have been navigating de-dollarization for some time.
  • The stablecoin market continues to mature with massive adoptions.

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BRICS member nations plan to launch a stablecoin as an alternative to the US dollar for settling cross-border transactions.

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BRICS pushes de-dollarization with stablecoins

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The bloc, which includes Brazil, Russia, China, India, South Africa, UAE, Iran, Ethiopia, and Egypt, has debated using virtual assets for global settlement for a while.

Meanwhile, the de-dollarization narrative has gained notable steam over the past few months due to inflation-driven economic slowdowns.

Noteworthy, the latest developments have hinted at an upcoming stablecoin launch by the BRICS economy.

Recently, Russia’s Deputy Foreign Minister Sergei Ryabkov commented on the benefits such a stablecoin might have for the masses.

He added that BRICS has navigated native platforms and digital assets usage, spurring speculations of a new stablecoin in 2024.

Stablecoins see significant traction

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Notably, BRICS’ move comes as stablecoins witness surged usage in the digital space. Venezuela’s state-run company has moved its oil sales to USDT to evade escalating sanctions from the US.

Also, Singapore-based payment company Triple-A integrated PayPal’s PYUSD stablecoin to streamline merchant transactions.

Moreover, Ripple (XRP) confirmed plans to introduce its stablecoin to satisfy the soaring interest from market players.

The positive developments have propelled the stablecoin space, with top assets’s market cap surging towards $160 billion a significant growth for the unique asset class.

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