Fedor Ivanov, director of analysis at Shard, a company specialized in security for cryptocurrencies, recently published an opinion article in the Russian media RBC, in which he warned that the de-dollarization plans of the BRICS block could decrease the demand for stablecoins such as USDT.
The note points out that the countries that make up the BRICS base bloc, which are Brazil, Russia, India, China and South Africa, have been working for some time on the development of their own CBDC (central bank digital currencies), the latter being the only one that has not yet managed to get its project into the pilot phase.
It is important to note that while China has been a pioneer in the implementation of CBDCs, launching the digital yuan in 2021, the project has not been without challenges. Recently, Yao Qian, the main promoter of the initiative, was accused of soliciting bribes to technology companies, which led to his dismissal from public office. This was reported by CriptoNoticias.
Russia, for its part, has also had to face certain drawbacks. To illustrate this, a bill presented by the Financial Market Committee of the State Duma proposes that, starting in July 2025, retailers will be obliged to offer payments in digital rubles to their customers. However, the country’s Ministry of Industry and Commerce opposed the measure and recently requested to postpone the CBDC.
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Both efforts are part of a strategy discussed at the recent BRICS summit in Kazan, Russia, where leaders agreed to create the BRICS Bridge: a cross-border payments system designed to streamline international transactions between member countries. The platform would allow the block bypass traditional banking systems like SWIFT and reduce your dependence on the US dollar.
As for how the platform and the block’s de-dollarization efforts could impact the cryptoasset market, Ivanov first notes that everything will depend on “how actively central bank digital currencies begin to be used in international trade.”
Fedor makes this observation because, although he recognizes that Russia has strong incentives to avoid transactions in US dollars, China, despite its geopolitical rivalry with the United States, is the largest foreign holder of that country’s public debt. In this sense, The specialist suggests that “at least in the short term, it would not be beneficial for China to move away from the US currency”.
If cross-border settlements begin to be done via CBDC, this could have an impact on the Cryptocurrency market, especially the cryptocurrency market. stablecoinssince through them the majority of foreign trade transactions in digital currency are closed.
Fedor Ivanov, director of analysis at Shard.
Likewise, the cryptoasset analyst is confident that the tool developed by the BRICS is in demand: «In November 2024 alone, the Tether company issued about 12 billion USDT. “It is unlikely that such demand for the currency is related solely to the Bitcoin rally.”
In his opinion piece, Ivanov notes that if central bank digital currencies (CBDCs) are successfully implemented, user preference for more stable digital assets that “do not risk being frozen for political reasons” will contribute to reduce the demand for stablecoins, this in relation to the fact that many countries and international organizations are reluctant to adopt mechanisms that allow them to evade the sanctions imposed by the United States and the G7.
However, Ivanov also noted that bitcoin will continue to be attractive to those looking for decentralized solutions, as payments in CBDC have not yet reached the expected adoption. The specialist acknowledged that, in the short term, it is unlikely that a significant proportion of international transactions will be carried out through centralized digital currencies.
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