BRICS member nations plan to launch a stablecoin as an alternative to the US dollar for settling cross-border transactions. The bloc, which includes Brazil, Russia, China, India, South Africa, UAE, Iran, Ethiopia, and Egypt, has debated using virtual assets for global settlement for a while. Meanwhile, the de-dollarization narrative has gained notable steam over the past few months due to inflation-driven economic slowdowns. Noteworthy, the latest developments have hinted at an upcoming stablecoin launch by the BRICS economy. Recently, Russia’s Deputy Foreign Minister Sergei Ryabkov commented on the benefits such a ... (full story)