BRICS Unlikely to Ditch Dollar Dominance in Near Future

BRICS is unlikely to reduce its dependence on the US dollar in the near future, according to Chip Rogers, President and CEO of Rogers Capital Consultancy. Speaking at the BRICS Summit 2026, Rogers noted that around 99% of stablecoins are backed by US Treasuries or the US dollar.

Rogers expects this trend to continue as the dollar remains the primary currency underpinning global trade. He stated that he doesn't think it's going to happen overnight for trade outside of any currency backed by the US dollar or digital assets backed by the US dollar.

Regarding a common BRICS currency, Rogers said such a move is unlikely, with member countries expected 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 figure out a way to digitally interact with each other to remove as much friction as possible.

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