- BRICS expanded in early 2025 to include Egypt, Ethiopia, Iran, the UAE and Indonesia, now covering about 48.5% of the world population and 39% of global GDP (PPP).
- Member states have stepped up Gold buying—adding nearly 800 metric tonnes in 2025—with combined reserves above 6,000 tonnes (about 20–21% of global central bank gold).
- De-dollarization efforts focus on local-currency trade, a blockchain-based payment messaging system named BRICS Pay, and a new wholesale settlement pilot called the “Unit.”
- Political divisions persist: Vladimir Putin and S. Jaishankar have publicly signaled different stances on replacing the U.S. dollar.
BRICS expanded its membership in early 2025 to add Egypt, Ethiopia, Iran, the UAE and Indonesia. The enlarged bloc now accounts for roughly 48.5% of the global population and about 39% of world GDP measured by purchasing power parity (PPP), a measure that adjusts GDP for price-level differences.
Members have pursued de-dollarization through increased local-currency trade and new payment systems. BRICS Pay is a decentralized, blockchain-based payment messaging system designed to enable retail and wholesale transactions and to provide an alternative to western-controlled systems such as SWIFT (the Society for Worldwide Interbank Financial Telecommunication, a global bank messaging network).
Central banks in the bloc bought nearly 800 metric tonnes of gold in 2025 alone, bringing combined BRICS reserves above 6,000 tonnes—about 20–21% of global central bank gold. Russia holds 2,336 tonnes and China 2,298 tonnes, together making up roughly 74% of the bloc’s total; India follows with 880 tonnes. Gold’s market impact pushed prices to about $4,400 per ounce in late 2025.
On monetary strategy and politics, Vladimir Putin said in November 2024, “We have not sought to abandon the dollar and we are not seeking to do so.” At a London event in March 2025, India’s External Affairs Minister S. Jaishankar stated, “I don’t think there’s any policy on our part to replace the dollar. The dollar as the reserve currency is the source of global economic stability, and right now what we want in the world is more economic stability, not less.”
On October 31, 2025 the bloc piloted the “Unit,” a basket-backed, collateral-anchored settlement instrument (a payment unit tied to a basket of assets) intended for wholesale trade, not everyday use. In October 2025 members also announced a precious metals exchange to trade physical gold and other metals without using U.S. dollars. The World Gold Council’s 2025 survey found 73% of central bankers expect the U.S. dollar’s share of global reserves to fall over five years, while the dollar still held about 57.3% of world reserves in early 2025. The National Bank of Poland noted, “The scale and pace of purchases will depend on market conditions.”
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