BRICS Abandons Common Currency Plan, Pursues Integrated Payment System

The BRICS summit has made a significant shift in its payment ambitions, dropping plans for a common currency and instead focusing on an integrated payment system to reduce dollar reliance.

The move targets problems addressed by FedNow, XRP, and Stellar, but currently lacks evidence of integrating these assets into the new system.

BRICS Pay is being developed as an interoperable ecosystem linking national payment infrastructures, aiming to connect a $10 trillion payments base. India's UPI and Brazil's Pix have already processed more than $10 trillion combined over the past 18 months.