- BRICS members are accelerating moves to reduce reliance on the U.S. dollar through linked central bank digital currencies (CBDCs) and new payment systems.
- Dollar-denominated reserves have fallen below 40% for the first time in about two decades.
- In July 2025, Donald Trump warned against dollar alternatives and threatened 100% tariffs on countries pursuing de-dollarization.
- The Reserve Bank of India has recommended linking CBDCs at the 2026 BRICS summit, and Rabi Sankar said “CBDCs do not pose many of the risks associated with stablecoins.”
- BRICS payment options such as BRICS Pay and the blockchain-based Unit, plus the New Development Bank targeting local-currency lending, are cited as drivers of de-dollarization.
BRICS nations are pushing coordinated changes to global payments that aim to reduce dependence on the U.S. dollar, and officials point to a measurable shift in reserve holdings in 2025. These efforts include linking central bank digital currencies ahead of the 2026 BRICS summit and rolling out alternative payment systems to support trade outside dollar channels.
In July 2025, Donald Trump issued a public warning about these moves and said the group was designed to weaken the dollar. He also threatened 100% tariffs on countries that pursue dollar alternatives, signaling U.S. concern over the shift.
The Reserve Bank of India recommended CBDC linkages for the BRICS summit, and Rabi Sankar said “CBDCs do not pose many of the risks associated with stablecoins.” S. Jaishankar has stated that India does not have a policy to replace the dollar and called the dollar a source of global stability.
Russia and China now settle about 90% of bilateral trade in rubles and yuan, and Vladimir Putin said “We are not refusing, not fighting the dollar, but if they don’t let us work with it, what can we do?”
BRICS members are testing systems such as BRICS Pay and the blockchain-based Unit, while the New Development Bank plans to lend roughly 30% in local currencies by 2026. Global banks are increasing Gold holdings and many analysts view these coordinated steps as a structural shock to the dollar and the post‑World War II reserve system.
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