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The U.S. dollar has dominated the world economy for nearly 80 years and has served as the principal reserve currency and unit for international trade—but now a conglomeration of the world’s emerging markets known as BRICS—Brazil, Russia, India, China, and South Africa—seek to topple U.S. economic supremacy by establishing a new currency.
As many as 19 other countries—including Egypt, Saudi Arabia, and United Arab Emirates—are aspiring to join the ranks of BRICS and catalyze a shift in the world economic order. BRICS was originally formed as a union of developing countries to address the marginalization faced by the Global South in areas such as security and trade. Though the original intent of this alliance was not to supplant the dollar’s hegemony, the quest to achieve multilateralism, escape U.S. sanctions, and dodge unfair trade regulations makes de-dollarization…
