NextFin news, On Friday, October 3, 2025, the BRICS alliance, comprising Brazil, Russia, India, China, South Africa, and other members, publicly denounced the United States' trade tariffs during the United Nations General Assembly. The foreign ministers of BRICS labeled the tariffs as a "proliferation of trade-restrictive actions," criticizing the US for escalating economic pressure on nations aligned with the bloc.
Brazilian President Luiz Inacio Lula da Silva described the US import duties as "tariff blackmail" and urged BRICS countries to strengthen cooperation in response to these measures. The condemnation comes amid US President Donald Trump's threats to impose additional tariffs of up to 100% on BRICS nations if they pursue alternatives to the US dollar in international trade.
In a parallel development, China advanced its strategy to internationalize the yuan by expanding the use of its yuan-pegged stablecoin, AxCNH, into Kazakhstan. Announced during the 10th Belt and Road Initiative (BRI) Summit, the stablecoin aims to facilitate international settlements related to BRI projects and reduce reliance on the US dollar in cross-border transactions.
China's digital yuan (e-Yuan) has been piloted since 2020 in multiple Chinese cities, including Shenzhen, Chengdu, and Suzhou, and is currently used for retail payments and public transportation. The rollout in Kazakhstan marks a significant step in China's efforts to promote the yuan as a global currency alternative.
Additionally, the BRICS New Development Bank (NDB) announced plans to issue its first bonds denominated in Indian rupees by 2026, targeting USD 300-500 million in three- to five-year tranches. This move aligns with BRICS' broader goal of utilizing member currencies to reduce dependence on the US dollar.
These developments reflect BRICS' ongoing efforts to build alternative financial systems and payment rails, including blockchain and digital currencies, to challenge the dominance of the US dollar and circumvent Western-controlled platforms like SWIFT.
While the rhetoric around de-dollarization has softened since Trump's re-election in 2024, BRICS continues to pursue economic integration and financial independence through digital currency innovation and multilateral cooperation.
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