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The US dollar is swiftly losing control in international markets. The primary reason for this change is likely to be the changing financial order, with the multipolar currency system gaining steam globally. Several nations have voiced opinions to conduct trade in local currency, all while protecting their economies from stark US dollar volatility capable of decentralizing world economies. In addition to this, the worsening US debt issues, as well as the dollar weaponization, have also been playing a key role in ushering in de-dollarization. These factors have compelled the nations to conduct trade in alternative currencies, with one currency rising up on the radar at a steady pace. Also Read: When SHIB Hits $0.00005, You’ll Wish You Invested $1K Now—Here’s Why Is the Dollar Getting Replaced? Source: Watcher Guru The US dollar is currently standing at a very dangerous threshold. Trump’s strict tariff regime has battered the US dollar, pushing the DXY index to hit double digits. The...

BRICS member Russia’s economy is thriving despite the US pressing sanctions since February 2022 for invading Ukraine. The country has bypassed the sanctions and began settling trade in local currencies. The Chinese yuan is now the most used currency for cross-border transactions in Russia and not the US dollar. The Russian ruble is also being heavily used for trade settlements helping its economy stay afloat even during sanctions. Also Read: BRICS: Chinese Yuan Beats Euro To Become the Second Most Used Currency The sanctions on Russia are what led to BRICS kickstart the de-dollarization agenda around the world. The US Treasury Secretary Janet Yellen confirmed that de-dollarization gained steam after the sanctions on Russia. The alliance is looking to promote local currencies for trade to strengthen their native economies. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. Also Read: BRICS Endorses New Country To Join the Alliance B...