BRICS to Launch Gold-Backed Stablecoin To Challenge the US Dollar?
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...