Crypto community reacts as BRICS considers launching stablecoin for international trade settlement
■BRICS intensifies de-dollarization efforts as they plan to launch stablecoin.
■Speculations are that the stablecoin would be backed by gold, considering the huge holdings of BRICS nations.
■XRP enthusiasts hint at BRICS leveraging XRP's upcoming stablecoin.
BRICS is intensifying efforts to reduce its reliance on the US dollar after plans for its stablecoin effort surfaced online on Tuesday. Most people expect the stablecoin to be backed by gold, considering BRICS nations have been accumulating large holdings of the commodity.
BRICs set to launch its own stablecoin
BRICS has stated it's considering developing a stablecoin for international trade.
This idea was well spoken of by Russian Deputy Foreign Minister Sergei Ryabkov, who highlighted the benefits that stablecoins could add to the group. He stressed the need for the bloc to unite their financial systems, and the stablecoin may be the only solution.
With the BRICS's growing economic status, developing its own stablecoin may help its nations' economies thrive. This move might also lead to the creation of the bloc's own native currency.
BRICS intensifies the de-dollarization efforts as they plan to launch stablecoin. The race to end dependence on the US dollar for trades at a global level may be fast approaching with the BRICS stablecoin. This move is one of many that will push the idea of a "multi-polar world." This is to end the reliance on the US dollar for international trade.
Speculations are that the stablecoin would be backed by gold, considering the huge holdings of BRICS nations.
An XRP enthusiast has hinted at BRICS leveraging XRP's upcoming stablecoin. The claims suggest that BRICS' move to create its own stablecoin may not be a coincidence, seeing that Ripple has also announced its plans to release a stablecoin later this year on the XRP Ledger.
Another X user noted that the move by BRICS to create a stablecoin is a strong step in creating a decentralized marketplace. As the de-dollarization efforts continue, the move may benefit every economy that partakes in it.
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