Countries are increasing efforts to reduce reliance on the US dollar, with global demand for currency diversification growing. Russian commodities firms are turning to stablecoins for financial transactions with Chinese partners, including the use of Tether's USDT. Despite previous expectations, Russia and China are settling transactions in US dollar-backed stablecoins, moving away from the BRICs currency.
Russia and China commodity exporters are settling in US dollar backed stablecoins. So much for the BRICs currency. That never really had legs. https://t.co/MOxNuSWDcD
Russia's two largest unsanctioned metal producers have begun using Tether's USDT stablecoin for cross-border transactions with Chinese clients and suppliers https://t.co/PN8IGgk83W
Russian commodities firms struggling to execute financial transactions with Chinese counterparts have started tapping a new method for settling deals — stablecoins https://t.co/jpBsAtXAV8
Global demand for currency diversification is growing stronger amid negative spillover from #US Federal Reserve’s monetary policies to deal with its domestic economic recession. Over the long run, the #Chinese yuan is to compete with the US dollar and develop a substitute… https://t.co/xQAXqbZbeQ
#GTGraphic: Countries ramp up efforts to move away from dollar. #Dedollarization #FactsMatter @_ValiantPanda_ https://t.co/P6kWVTI3bC