BRICS Stablecoin Launch: A Direct Challenge to Dollar Dominance
Move over, Tether—BRICS nations are rolling out their own dollar-pegged stablecoin, and Washington won’t like the math. This isn’t just another crypto project; it’s a geopolitical power play wrapped in blockchain.
Why it stings: The alliance’s combined GDP rivals America’s, and their new token could bypass SWIFT entirely. Imagine oil trades settled in BRICScoin instead of greenbacks—the petrodollar’s worst nightmare.
The cynical twist: After decades of complaining about dollar hegemony, these governments are creating... a dollar clone. Some revolution—just wait for the ’algorithmic stability’ whitepaper full of central bank loopholes.
Source: Truth Social
UAE Stablecoin Set to Strengthen BRICS Cause, Hinder US Dollar Dominance
There is no denying that stablecoins have become a digital asset sector with immense potential. It provides a lot of the benefits of cryptocurrencies while still being financially backed by actual fiat. The combination of the two has made it a highly desirable point of entry for novice crypto investors.
Moreover, it represents an expanded use case as well. However, one of the biggest drawbacks internationally has been the dominance of US dollar-backed stablecoins. That is set to change majorly. Indeed, one BRICS nation has announced its own stablecoin as it prepares to challenge the US dollar’s status.
The UAE is introducing its own dirham-based stablecoin regulated by its central bank. As a digital asset representing its national currency, it is a major step forward. Moreover, with the UAE’s position in the global economy, it could face massive adoption. They aren’t the only BRICS nation exploring the idea; Russia discussed the potential for its own crypto stablecoin earlier this year.
The move would be another key de-dollarization step for the economic alliance. It could allow greater competition, not only in the stablecoin market but in the crypto sector as a whole. The presence of national currencies to be represented in this way could allow other currencies to get a major bump. Additionally, they could benefit from a US dollar that has struggled mightily this year.
