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COINTURK NEWS > Cryptocurrency News > BRICS Nations Plan to Launch Their Own Stablecoins
Cryptocurrency News

BRICS Nations Plan to Launch Their Own Stablecoins

In Brief

  • BRICS countries aim to reduce reliance on the US dollar.

  • Plans for a gold-backed stablecoin were revealed online.

  • This move could significantly alter global trade dynamics.

COINTURK NEWS
COINTURK NEWS 1 year ago
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In the world of cryptocurrency, the growth of the sector becomes apparent as countries introduce stablecoin initiatives. The introduction of a stablecoin by BRICS countries—Brazil, Russia, India, China, and South Africa—can be seen as a reflection of their efforts to de-dollarize. Let’s look into the details of this move aimed at reducing the dominance of the American dollar worldwide.

Contents
BRICS Countries Plan to Introduce Their Own StablecoinsEffort to Support Non-Dollar TradeXRP Advocates Dream Big

BRICS Countries Plan to Introduce Their Own Stablecoins

On Tuesday, plans related to the stablecoin efforts of BRICS countries became visible on online platforms. This accelerates their efforts to reduce dependency on the US dollar. It’s not surprising that the commodity-rich BRICS countries expect their stablecoin to be backed by gold.

The idea of developing a stablecoin for international trade had already been expressed by BRICS. Russian Deputy Foreign Minister Sergei Ryabkov also mentioned this idea, highlighting the advantages stablecoins could bring to the group. Ryabkov stated that financial systems need to merge and that stablecoin could be a significant solution in this context.

As BRICS’s economic status rises, developing its own stablecoin could contribute to the economic development of its member countries. This step could also pave the way for the group to create their own local currencies.

Effort to Support Non-Dollar Trade

When BRICS launches its stablecoin, it intensifies efforts to support non-dollar trade. The race to reduce global trade’s dependency on the US dollar could quickly approach with BRICS’s stablecoin initiative. This move could be a significant development supporting the idea of a “multipolar world” as it aims to end the dependency on the US dollar in international trade.

Speculations suggest that considering the large reserves of BRICS countries, the stablecoin will be backed by gold. If the stablecoin is backed by gold, its infrastructure is expected to be robust.

XRP Advocates Dream Big

An XRP advocate hinted that the stablecoin thought to be issued by BRICS could benefit from XRP. These claims show that BRICS’s step to create its own stablecoin might not be a coincidence, as the company behind XRP, Ripple, also plans to launch a stablecoin on the XRP Ledger later this year.

Another XRP user mentioned that BRICS’s stablecoin initiative is a strong step towards creating a decentralized market. As efforts for non-dollar trade continue, this movement could benefit every participating economy.

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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COINTURK NEWS 25 April, 2024 - 12:13 am 25 April, 2024 - 12:13 am
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