BRICS members are rapidly shifting away from the US dollar: new data from Russia’s VTB Bank shows roughly 60% of the bloc’s cross-border transactions are now settled in local currencies. “Over the years, they have gradually transitioned to a settlement system that hardly uses the dollar or the euro,” VTB CEO Andrei Kostin told Sputnik News. What’s changing - The 60% figure largely reflects swaps and trade settlements among Russia, China and India, with many payments to Iran likewise handled in local currencies. - The Russian ruble, Chinese yuan and Indian rupee have become common settlement options within the grouping. Russia has been accepting the yuan for trade for nearly four years, and India has used the rupee and ruble — with portions of payment sometimes made in yuan — for oil purchases from Russia. - BRICS’ push comes amid sanctions and broader dissatisfaction with US dollar dominance; the bloc is deliberately promoting local currencies to reduce reliance on Washington-controlled financial plumbing. Why it matters for markets and crypto - De-dollarization on this scale could reshape foreign-exchange demand and the structure of international payments over the next decade, giving emerging economies greater weight in global finance. - For crypto and fintech ecosystems, the shift opens opportunities and use cases: cross-border rails that bypass dollar clearing, greater interest in fiat-backed stablecoins, tokenized national currencies, and central bank digital currencies (CBDCs) could all accelerate if settlement patterns continue to move toward local units. - The move also increases the strategic value of alternative payment systems and financial infrastructure that can support multi-currency, non-dollar settlements. Bottom line BRICS’ growing preference for local-currency trade settlements signals a meaningful step toward de-dollarization. If the trend continues, it could alter FX markets and payment architecture—and create new openings for crypto-native and digital-asset solutions to capture cross-border flows outside traditional dollar channels. Keep an eye on further data from VTB and other central institutions to track whether 60% becomes a turning point or just an early milestone. Read more AI-generated news on: undefined/news

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