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BRICS member nations plan to launch a stablecoin as an alternative to the US dollar for settling cross-border transactions.
JUST IN: BRICS exploring the creation of a crypto stablecoin for international trade settlements. pic.twitter.com/3RzV7G2BEM
— BRICS News (@BRICSinfo) April 23, 2024
BRICS pushes de-dollarization with stablecoins
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
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.
Crypto Payments Firm Triple-A Includes PayPal’s Stablecoin in Payment Options for Customers.
— Bradicoin (@Bradicoin10) April 22, 2024
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.More By This Author:Bitcoin Halving Event Bolsters Resilience Amid Market Fluctuations
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