BRICS Unlikely to Ditch US Dollar Despite Growing Tensions

BRICS nations are unlikely to ditch the US dollar for a common currency in the near future, according to Chip Rogers, President and CEO of Rogers Capital Consultancy. He noted that around 99% of stablecoins are backed by US Treasuries or the US dollar, making it difficult for BRICS countries to move away from the dollar.

Rogers stated that while there is a goal to reduce dependence on the US dollar in international trade, this won't happen overnight. He emphasized that the US dollar will likely remain central to global trade for 'quite some time'.

Regarding the possibility of a common BRICS currency, Rogers said it's unlikely, as member countries prefer to retain their national currencies and focus on technology to enable smoother cross-border transactions.