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BRICS Officially Cites XRP Ledger for Cross-Border Payment Reform

BRICS Officially Considers XRP Ledger for Cross-Border Payments and “BRICS Pay” Settlement System

  • BRICS formally referenced the XRP Ledger as a possible solution for cross-border payments in official documentation.
  • The technology’s escrow model is highlighted as a potential payment automation tool for international trade.
  • A report links the XRP Ledger to the development of “BRICS Pay,” a decentralized settlement system designed to reduce dependence on SWIFT and the U.S. dollar.
  • Technical advantages cited include rapid transactions, low fees, security, and decentralized verification by validators.
  • This is the first time a major international economic group like BRICS—representing nearly 40% of the world’s population—has acknowledged XRP Ledger in official material.

The countries of BRICS have named the XRP Ledger in official documents as a technology under consideration for future cross-border payment systems. This marks a significant step by Brazil, Russia, India, China, and South Africa as they evaluate tools to streamline international trade and develop alternatives to Western-controlled financial networks.

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According to recent presentations shared by crypto observer Kenny Nguyen and originally researched by SMQKE, the group’s report states that the XRP Ledger could provide an automated payment network. The mention specifically addresses the blockchain’s escrow feature, which ensures payments are released only when contract conditions are fulfilled.

The XRP Ledger operates as a decentralized blockchain that processes thousands of transactions within seconds. It uses a system of nodes called validators who collectively approve transactions, reduce fraud risk, and add completed transactions to a permanent public record.

The BRICS working group has reviewed how using public blockchains like the XRP Ledger could support currency tokenization and bridging between fiat and digital currencies. The documentation also notes ongoing review of both established networks and proprietary “in-house smart contract systems.”

The report connects the XRP Ledger to the ongoing development of “BRICS Pay,” which aims to offer a decentralized and efficient alternative to services such as SWIFT. Businesses globally have faced high costs and slow transfer times in traditional payment systems, and XRP Ledger is recognized for solving some of these issues with low costs and fast settlement.

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Other aspects discussed include how the escrow system and native decentralized exchange features could benefit trade finance processes. The documentation also highlights how these solutions could help member states diversify their transaction options and avoid potential geopolitical risks tied to existing global payment rails.

This formal recognition by BRICS signals rising institutional interest in integrating blockchain-based solutions for large-scale trade. As the bloc represents almost 40% of the world’s population, its exploration of digital currency and decentralized payment technology may have wide-reaching implications for global commerce.

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