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Developing countries are looking to topple the US dollar’s dominance and weaken its prospects in the currency markets. The fight to influence and control the global financial order gained steam after the US imposed sanctions on Russia in 2022 for invading Ukraine. BRICS is considering various methods to pull the US dollar down from its dominant position, including launching a new currency and a gold-backed stablecoin. Also Read: India Conveys to BRICS: ‘We Will Not Ditch the US Dollar’ Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. The alliance kick-started the de-dollarization agenda and is convincing other countries to use local currencies for trade. Max Keiser, the current advisor to the Bukele administration wrote on X that BRICS might soon launch a gold-backed stablecoin to take on the US dollar. BRICS Gold-Backed Stablecoin Vs the US Dollar Source: Cryptopolitian.com The idea comes after reports of Trump planning to launc...

The queue to join BRICS is getting longer as developing countries are expressing their interest in joining the alliance. Developing countries are now looking to end dependency on the US dollar to promote local currencies for trade. The move helps their native economies and businesses to thrive and pump up their national GDPs. Also Read: BRICS: 3 Countries Receive Invitation To Attend the 2024 Summit The majority of the developing countries are eager to join the BRICS alliance as they want to be a part of the de-dollarization initiative. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. The scenario could cause hyperinflation in the country if the US dollar returns to the homeland. BRICS Alliance: 46 Countries Express Interest To Join the Bloc Source: Alan Santos / PR / Wikipedia Commons A total of 47 countries have expressed their interest in joining the BRICS alliance before the 2024 summit. Among the 46 countries, only 26 nations hav...