BRICS De-Dollarization Tracker: How Far Can It Go?

BRICS De-Dollarization Tracker
Source: Watcher.Guru

The question of de-dollarization and how far it can go becomes increasingly relevant as major economies embrace local currencies for international trade guided by BRICS. Our global de-dollarization tracker reveals that over 90 nations are abandoning US dollar and conducting transactions in yuan, rupee, and ruble instead of dollars, and this marks a fundamental change in the international monetary system that has dominated for decades.

The following comprehensive tracker shows which countries are leading this transformation and at what stage of implementation they currently stand:

BRICS & Oil Producers Leading the Shift
CountryDe-Dollarization ActivitiesStatus
ChinaYuan usage at 47% globally; trade agreements with 40+ countriesActive
Russia90% trade in rubles/yuan; SPFS payment system vs SWIFTActive
IndiaSpecial Rupee Vostro Accounts with 30 countriesActive
BrazilYuan-real trade; yuan clearing bank establishedActive
IranOil trade in yuan/ruble; Mir payment systemActive
Saudi ArabiaAccepting yuan for oil sales to ChinaSelective
UAENon-dollar trade with China/IndiaSelective

Also Read: De-Dollarization: Full List of Countries Dropping the US Dollar & Key Reasons

Global De-Dollarization Tracker: BRICS Shift And Future Impacts

BRICS de-dollarization india
Source: Watcher.Guru

US Dollar’s Declining Share Accelerates Right Now

When we examine BRICS de-dollarization trend and how far it can go, the numbers tell an interesting story. The USD’s share of global foreign exchange reserves has been declining from over 70% in 2000 to 57.8% in 2024, and this trend shows no signs of slowing down. Asia leads this charge, with ASEAN committing to local currency use in trade as part of its Economic Community Strategic Plan for 2026 to 2030.

global foreign exchange reserves has been declining from over 70% in 2000 to 57.8% in 2024
Source: IMF COFER

Francesco Pesole, FX strategist at ING, was clear about the fact that:

“Trump’s erratic trade policy decisions and the dollar’s sharp depreciation are probably encouraging a more rapid shift towards other currencies.”

Bank of America warns of a severe US dollar decline this summer and projects that de-dollarization in ASEAN will pick up pace through conversion of FX deposits accumulated since 2022. The global de-dollarization tracker shows this momentum is building across multiple regions.

Asian & CIS Nations
CountryDe-Dollarization ActivitiesStatus
IndonesiaASEAN Payment Network for local currenciesRegional
MalaysiaLocal currency cross-border trade promotionRegional
ThailandQR payments in local currenciesRegional
SingaporeDigital payment systems outside USD frameworkRegional
KazakhstanReducing dollar dependency; strengthening tengeActive
BelarusFollowing Russia’s de-dollarization modelActive
ArmeniaCIS bloc de-dollarization participationRegional

BRICS Payment Systems Transform Trade

The question of BRICS de-dollarization and how far it can go becomes clearer when examining Russia-China bilateral trade patterns. USD usage dropped dramatically from 90% in 2015 to just around 10% by 2024, and the two countries now conduct their $243 billion trade volume primarily in rubles and yuan.

Russian President Vladimir Putin had this to say:

“The dollar is being used as a weapon. We really see that this is so. I think that this is a big mistake by those who do this.”

India has also established Special Rupee Vostro Accounts with 123 correspondent banks from 30 countries, allowing trade settlements in local currencies and supporting the global de-dollarization tracker momentum that’s gaining traction worldwide. While Asian nations lead in implementation, the African continent represents the fastest-growing segment of the de-dollarization movement, with numerous countries at various stages of adopting alternative currency systems.

African De-Dollarization Movement
CountryDe-Dollarization ActivitiesStatus
EthiopiaBRICS member exploring regional tradeExploring
EgyptPlanning local currency tradePlanning
GhanaGold-for-oil barter systemActive
NigeriaBRICS partner; local currency interestPartner
TanzaniaBanned foreign currencies domesticallyActive
KenyaExploring yuan for oil paymentsExploring
South AfricaPromoting BRICS local currency tradeActive
AlgeriaShifting to yuan and rublePlanning
PakistanPaying for Russian oil imports in yuanPlanning
MalawiWorking toward local currency tradePlanning
Sierra LeoneExploring USD alternatives in tradePlanning
GuineaExploring local currency settlementsPlanning
LiberiaReducing reliance on US dollarPlanning
Côte d’IvoirePromoting local currencies in tradePlanning
TogoShifting to local currency policiesPlanning
BeninUsing regional currencies for tradePlanning
NigerReducing dollar reliance in tradePlanning
ChadPromoting regional currenciesPlanning
CARAdopting local currencies in agreementsPlanning
GabonFocusing on regional dollar alternativesPlanning
Equatorial GuineaSeeking alternative currenciesPlanning

Political Pressures Shape De-Dollarization Progress

At the time of writing, President Trump has threatened tariffs of 100-150% on BRICS nations pursuing de-dollarization, and this creates significant political pressure.

Brazilian President Lula da Silva stated:

“BRICS+ is committed to ending US dollar dominance no matter what.”

Brazilian President Luiz Inácio Lula da Silva initially supported a common currency but later adjusted Brazil’s approach after these threats. Beyond traditional currency alternatives, many nations are also developing Central Bank Digital Currencies (CBDCs) as a technological pathway to reduce dollar dependency and enhance monetary sovereignty.

Digital Currency Initiatives (CBDCs)
CountryCBDC DevelopmentStatus
ChinaDigital yuan (e-CNY) fully operationalOperational
BahamasSand Dollar (2020 launch)Operational
JamaicaJam-Dex operational since 2022Operational
UAEDigital Dirham with China paymentsActive
Peru67,000+ pilot users in 2025Pilot
SwedenE-krona testing phaseTesting

Tracking Real Numbers Across 90+ Nations

Former Congressman Ron Paul
Source: Britannica

The global de-dollarization tracker shows over 90 nations actively using alternative currencies, and the Commonwealth of Independent States achieves 85% of cross-border transactions in national currencies instead of dollars. This massive shift has transformed how nations conduct international trade.

Former Congressman Ron Paul predicted what he calls the “Rio Reset” for July 2025, warning:

“The BRICS alliance is preparing their ‘Rio Reset’ this July – exactly the challenge to dollar hegemony I’ve been predicting.”

BRICS Pay development accelerates as the New Development Bank provides $100 billion in financing capabilities for infrastructure projects in local currencies, and this institutional support helps answer questions about BRICS de-dollarization and how far it can go.

Key Statistics & Trends
Metric20152024Change
USD in Russia-China Trade90%10%-80 percentage points
CIS Non-Dollar Transactions~15%85%+70 percentage points
Global USD Reserve Share65%57.8%-7.2 percentage points
Countries Using Alternatives<2090++70 countries
Payment System Alternatives
SystemCountriesPurpose
BRICS Pay11 BRICS membersCross-border retail transactions
SPFSRussia + partnersAlternative to SWIFT messaging
CIPSChina + 80+ countriesYuan clearing and settlement
ASEAN Payment Network10 ASEAN membersRegional currency settlements

BRICS Currency Shift: Future Outlook & Challenges Ahead

The diversity within BRICS also creates implementation hurdles, as members range from anti-Western countries to neutral players with different priorities. However, with BRICS+ representing 46% of global GDP and 55% of world population, the bloc has substantial economic weight that cannot be ignored.

Also Read: BRICS Will Meet in July To Unveil Most Ambitious Plan: US Congressman

The global de-dollarization tracker shows that more nations are seeking financial sovereignty and reducing their exposure to US economic policies, which continues to erode dollar dominance.

When considering BRICS de-dollarization and how far can it go, the evidence points to a monetary system in transition, with local currencies gaining ground against decades of dollar dominance. While complete displacement remains unlikely in the short term, momentum suggests continued progress toward a more multipolar currency system that could reshape global finance.