Global Shift Away from Dollar Dominance Accelerates as BRICS Push Dedollarization

A seismic transition in global trade settlements is underway, with over 90 nations now bypassing the US dollar in cross-border transactions. The BRICS alliance—comprising Brazil, Russia, India, China, and South Africa—has spearheaded this movement since early 2025, prioritizing local currency settlements through mechanisms like bilateral swap agreements.

Commonwealth of Independent States, African nations, and ASEAN members are establishing regional payment corridors using sovereign currencies. The yuan now accounts for 28% of Russia''s trade settlements, while India has operationalized rupee trade mechanisms with 18 partner countries.

Washington''s retaliatory measures, including threatened trade sanctions by the TRUMP administration, have failed to stem the tide. Market analysts observe this structural shift mirrors the declining share of dollar reserves—down to 58% in Q2 2025 from 72% a decade prior.