- The BRICS has announced its plans to launch a stablecoin for international settlements to lessen the power of the US Dollar.
- There are speculations that the BRICS would use Ripple’s XRP settlement platform for the stablecoin with a cross-section.
- Though the details are unclear, there is widespread anticipation that the stablecoin will be backed by gold.
In a recent revelation, the BRICS consortium, comprising major powers including Brazil, Russia, India, China, and South Africa, has announced its plans to launch a stablecoin for international settlements. The plan follows the countries’ efforts to lessen their dependence on the US Dollar in international commerce.
Earlier on April 29, JackTheRippler, a prominent voice in the crypto space, shared an X post to shed light on BRICS’ initiative to roll out a stablecoin. There are speculations that BRICS would turn to Ripple’s XRP settlement platform for the stablecoin with a cross-section.
A previous report revealed that the BRICS intended to build a blockchain-based payment system to solidify its position in the international monetary and financial system. Kremlin aide Yury Ushakov commented on the initiative, stating,
“We believe that creating an independent BRICS payment system is an important goal for the future, which would be based on state-of-the-art tools such as digital technologies and blockchain. The main thing is to make sure it is convenient for governments, common people and businesses, as well as cost-effective and free of politics.”
Urs Bolt, a financial advisor, took to X on April 28 to draw the community’s attention to the BRICS’ proposal to launch a stablecoin. His insights hinted at the stablecoin possibly being backed by gold. He also pointed out that XRP enthusiasts speculate about BRICS’ adoption of XRP’s stablecoin.
Russian Deputy Foreign Minister Sergei Ryabkov announced the BRICS’ stablecoin launch in the upcoming months. While the details of the stablecoin remain unclear, there is widespread anticipation that the stablecoin will be backed by gold rather than any fiat currency.
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