BRICS' Dollar Dependence: Chip Rogers Sees No Shift in Near Future

Chip Rogers, President and CEO of Rogers Capital Consultancy, believes that the US dollar will continue to be central to global trade. Speaking at the BRICS Summit 2026 in New Delhi, India, he stated that the dollar is likely to remain the primary currency underpinning global trade for 'quite some time'.

Rogers noted that around 99% of stablecoins are backed by US Treasuries or the US dollar, a trend he expects to continue. He stressed that while there may be a goal to have trade outside of any currency backed by the US dollar, this is unlikely to happen overnight.

Rogers also expressed skepticism about the possibility of creating a common BRICS currency, stating that member countries are more likely to retain their national currencies and focus on technology that enables smoother cross-border transactions. He noted that 'sovereign nations wish to keep their own currency' and use digital technology to facilitate trade between them.

Rogers described the BRICS grouping's push for greater trade among member countries as a positive development, citing American economist Milton Friedman's statement that 'you typically don't go to war with those that you trade with'. He believes that stronger trade ties can deepen economic interdependence and promote cooperation.