Developing countries are looking to topple the US dollar’s dominance and weaken its prospects successful the currency markets. The combat to power and power the planetary fiscal bid gained steam aft the US imposed sanctions connected Russia successful 2022 for invading Ukraine. BRICS is considering assorted methods to propulsion the US dollar down from its ascendant position, including launching a caller currency and a gold-backed stablecoin.
Also Read: India Conveys to BRICS: ‘We Will Not Ditch the US Dollar’
Read here to cognize however galore sectors successful the US volition beryllium affected if BRICS ditches the dollar for trade. The confederation kick-started the de-dollarization docket and is convincing different countries to usage section currencies for trade. Max Keiser, the existent advisor to the Bukele medication wrote connected X that BRICS mightiness soon motorboat a gold-backed stablecoin to instrumentality connected the US dollar.
BRICS Gold-Backed Stablecoin Vs the US Dollar
The thought comes aft reports of Trump readying to motorboat a US dollar-backed stablecoin. Therefore, BRICS wants to leverage the golden it holds successful its reserves and motorboat a stablecoin backed by it. “The BRICS, principally Russia, China, and India volition antagonistic immoderate effort by the US to present a hegemonic, USD-backed stablecoin—with a gold-backed stablecoin.”
Also Read: BRICS: New Country Plans to Reduce 25% of Trade Without US Dollar
He added that processing countries would opt for gold-backed stablecoin from BRICS arsenic the US dollar-backed stablecoin is risky. Gold is considered harmless portion the US dollar comes with indebtedness and inflation. “India already runs connected a defacto golden modular and Sharia instrumentality successful Muslim countries would dictate golden implicit a USD riba-coin arsenic well,” helium assessed.
The BRICS, principally Russia, China & India volition antagonistic immoderate effort by the US, to present a hegemonic, USD-backed stablecoin — with a Gold-backed stablecoin.
The bulk of the planetary marketplace volition favour a Gold-backed coin since it’s inflation-proof (unlike the USD) and… https://t.co/6s9F3j44xR
— Max Keiser (@maxkeiser) March 23, 2025
Also Read: BRICS: Analyst Reveals If the US Dollar Can Maintain Its Dominance
Economist Jim Rickards was the archetypal to notation the BRICS gold-backed stablecoin vs the US dollar-backed stablecoin successful 2023. He wrote that a gold-backed stablecoin would beryllium much almighty and has the capableness to destruct the US dollar. It could beryllium the champion alternate arsenic the request for the precious metallic ne’er dips anyplace successful the world.
