Is De-Dollarisation a Myth or the Future? The BRICS Gambit in 2025
For decades, the US dollar has served as the backbone of global trade and finance. It dominates cross-border transactions, global reserves, and commodity pricing. Yet, in 2025, emerging economies—led by the BRICS bloc—are increasingly working to reduce their reliance on the greenback.
This shift, often called de-dollarisation, is not abrupt or revolutionary—but it is strategic and gaining momentum.
The Mechanics of a Shift
BRICS, originally comprising Brazil, Russia, India, China, and South Africa, expanded in 2024 to include Egypt, Ethiopia, Iran, Indonesia, and the UAE. These nations are now collaborating to build alternative payment systems and settle more trade in local currencies.
India’s rupee trade mechanism has been extended to over 30 countries. China and Brazil are transacting in yuan and reais. Russia and Iran are expanding currency swaps and barter-style deals. Most notably, the BRICS Pay platform—intended as a blockchain-based alternative to SWIFT—is in pilot testing, with a full rollout expected later this year.
The bloc has shelved plans for a single currency, instead focusing on linking national systems and stabilising bilateral trade with gold or forex reserves.
The Political Calculus
Beyond economics, politics drives this agenda. Sanctions on Russia and threats of tariffs from the US—such as Donald Trump’s recent warnings against “anti-dollar” alignments—have raised concerns about the risks of dollar dependence.
However, challenges remain. The BRICS group lacks a large, trusted, and liquid asset base to rival the dollar. Without a unified bond market or common reserve instrument, any challenge to dollar dominance will be slow and partial.
Signs of Soft Erosion
Still, signs of gradual decline are visible. The dollar’s share in global reserves has fallen from around 70% in 2000 to 58% in 2024. In early 2025, emerging markets issued $190 billion in non-dollar bonds, and China's CIPS payment network continues to grow.
Even commodities are shifting: Russia and Iran now price some oil in yuan and rupees, and the UAE settled a crude deal with India in dirhams. Though largely symbolic for now, such steps mark a significant break from decades of dollar exclusivity.
Conclusion
De-dollarisation is not a revolution, but a recalibration. The dollar remains dominant—but for the first time in decades, alternatives are being built and used. Whether this leads to a multipolar financial world or simply strengthens regional blocs, one thing is clear: the foundation of dollar supremacy is no longer unquestioned.
Before China steps in with its Yuan as the next tradable currency after Dollar ,which it can command as it's the next super power ,india should keep up its pace to spread Rupees trade exchanges at an equal pace.
At the time of me writing ,Maldives has recently opened up Rupee bank account to allow dealings in Rupees ,but again though these are small countries(Steps) that can lead to bigger glory in the future.
Threats from Trump on all & every ocassion is a thing to be countered by every member of BRICS together.
But again ,there are differences amongst the Brics nations as well.
So let's see.