Is Ripple’s XRP the Key to BRICS’ New Monetary Project to Finally Ditch the US Dollar in 2024?

Is Ripple’s XRP the Key to BRICS’ New Monetary Project to Finally Ditch the US Dollar in 2024?

Source : by JAMES M.GATHECHA  
Edited by JOHN KIGURU 

BRICS has revealed that it is working on a stablecoin, leading to speculation that the alliance could adopt Ripple’s XRP.
Ripple has a dedicated CBDC platform that helps central banks, governments, and financial institutions build their stablecoin.

Following the confirmation that the BRICS alliance is developing a stablecoin, the community is speculating that Ripple’s XRP could be leveraged. 

Russian Minister of Foreign Affairs confirmed that the alliance will launch a stablecoin to facilitate international transfers.

With its reputation for instant cross-border payments, Ripple could be a major player if the BRICS countries move forward with their de-dollarization stablecoin project, as hinted at by Sergei Ryabkov’s announcement.

Could Ripple's XRP Unlock BRICS' 2024 Plan to Break Free from the US Dollar?

The XRP community has speculated that XRP could serve as a bridge between the currencies of the member countries. Ripple has already shown its prowess in instant cross-border payments. 

Ripple’s On-Demand Liquidity product (now Ripple Payments), has been highlighted by the IMF and the World Bank as revolutionary.

In 2024, China and Russia aim to conduct over $260 million in trade exchanges without using the US dollar. Other countries have entered into similar arrangements involving billions of dollars in value. 

All of this is to significantly reduce the dollar’s international influence.

The Russian minister has revealed that BRICS intends to develop its own platform to develop and issue its gold-backed stablecoin. However, the community recognizes that it would be better suited to use Ripple’s technology.