BackD Launches BRICS Stablecoin, Leading De-Dollarization 2.0 and Strengthening Emerging Economies

Bengaluru, India, September 12, 2024, FinanceWire

As a groundbreaking measure following the 16th BRICS Summit, BackD By launching a BRICS-backed stablecoin, we aim to redefine financial independence for emerging economies. In line with the summit’s focus on economic autonomy and alternatives to the US dollar, BackD’s stablecoin provides a decentralized solution that will enable BRICS countries to strengthen their own financial systems.

A historic step toward financial sovereignty

The recent BRICS summit held in Russia brought together leaders of 35 countries to discuss ways to reduce dependence on the dollar, strengthen monetary sovereignty, and rebalance economic power. BackD’s BRICS stablecoin, a digital currency ecosystem supported by the Dirham (AED), Rupee (INR), Ruble (RUB), etc., directly addresses these goals. BackD supports economic resilience and stability by providing a stable financial infrastructure pegged to each country’s currency, helping these countries build their future on their terms.

BRICS Stablecoin – A Timely Solution for a Multipolar Economy

The United States is currently navigating a variety of internal and external pressures that are shaping its global economic role. Despite changes in economic power, political environment, and international relations, the U.S. dollar remains the world’s leading reserve, funding, and exchange currency.

This reality has encouraged BRICS countries to make a collective effort to de-dollarize and become self-reliant, and this is where BackD’s BRICS stablecoin comes into play. This dollarization has spread to the digital asset market, where USD-based stablecoins dominate the market, accounting for more than 99%. This is a figure not seen in other usage categories.

BackD’s stablecoin provides a solution by allowing BRICS countries to participate digitally with a currency that matches their own economies. BackD’s BRICS stablecoin promotes financial stability and autonomy by breaking away from the fate of the dollar.

Key Benefits of BackD’s BRICS Stablecoin

BackD’s BRICS stablecoin meets the unique requirements of BRICS countries and provides:

• Financial includes: Expanding access to digital assets and decentralized finance, enabling secure transactions in underserved communities.
• Improved liquidity: Increase the liquidity of local currencies and securities in global investment markets, and increase the liquidity of non-US dollar currency pairs in global foreign exchange markets to facilitate trade, investment and potential growth.
• Dollar Protection: Promotes the economic stability and sovereignty of BRICS countries by reducing exposure to US dollar volatility, dollar-led inflation, and US monetary policy risks.
• Efficient Transaction: Creating a more seamless trade and payments infrastructure by providing a seamless, affordable and real-time alternative to traditional cross-border remittance and domestic payment systems.

BackD Vision

BackD envisions a multipolar world where emerging economies achieve financial sovereignty and independence. BackD is building a multi-currency digital ecosystem to provide BRICS countries with stablecoins backed by their own currencies, enabling them to participate independently in global finance.

This initiative promotes true economic empowerment, enabling BRICS countries to shape their own financial future and contribute to a balanced and inclusive global economy.

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