BRICS Report: US Dollar Dominates 48% of Global Crypto Transactions

• US Dollar Maintains Dominance in International Transactions Despite BRICS' Efforts
• Details Emerging from SWIFT System Transactions
• A push for De-dollarization from the BRICS Alliance
• The Impact of the BRICS Alliance's Actions in 2023
• Insights from the SWIFT Payment System

US Dollar Maintains Dominance in International Transactions Despite BRICS' Efforts

Despite attempts to eradicate the US dollar's predominance in global economics by the BRICS economic alliance, newly shared data indicates that the US dollar remains the currency of choice in 48% of all international transactions. This constitutes the highest usage of the US dollar in over a decade.

Details Emerging from SWIFT System Transactions

The statistics were exposed through a study of transactions within the SWIFT system. Data analysis firm Barchart made this information available via X, demonstrating the sustained international status of the US dollar. The BRICS economic alliance has been implementing a de-dollarization initiative over the past year, but it seems clear that these efforts have not significantly impacted the currency's overall global use.

A push for De-dollarization from the BRICS Alliance

The BRICS alliance, which comprises some of the world's rapidly developing economies, has been a topic of considerable discussion in the geopolitical arena over the past year. The alliance aims to amplify the voice of the global south in the international power balance, part of which involves efforts to decrease the influence of Western nations.

The Impact of the BRICS Alliance's Actions in 2023

Even with the measures taken by the BRICS alliance throughout 2023, the US dollar is still utilized in 48% of international transactions. The data presented by Barchart confirms that the greenback's use rate is currently the highest it has been in over a decade.

Not only does this demonstrate the resilience of the US dollar, but it also highlights the challenges that alliances like BRICS face in their attempts to eradicate its significant global presence.

Insights from the SWIFT Payment System

The data also underscores the predominance of the dollar in transactions processed through the SWIFT payment system, providing further context for why the BRICS alliance is working to replace the SWIFT system with a BRICS-centric alternative. The Western-controlled SWIFT system remains a focal point in the BRICS alliance's ongoing de-dollarization ambitions.

Edited by Jonathan Stoker