BRICS members are exploring stablecoin payments and a platform for conducting CBDC payments to enhance financial cooperation, according to a Russian official. Stablecoins are being considered as a potential tool for international settlements among BRICS nations, with a special communication channel already established between central banks. In an interview with TV BRICS, it was revealed that discussions are ongoing regarding the use of stablecoins for international settlements.

While details about existing products were not provided, discussions are centered around the creation of a platform called “BRICS Bridge” to connect central bank digital currencies (CBDCs) and promote financial cooperation among BRICS member countries. The current status of these discussions and any consensus among BRICS members regarding a timeline are still unclear.

Russia has been actively working to reduce reliance on the U.S. dollar within BRICS through blockchain technology. Efforts to develop a blockchain-based system for BRICS have been disclosed by Kremlin aide Yury Ushakov in an interview with the Russian state-owned news agency TASS. However, a timetable for the initiative was not disclosed.

Moscow has been advocating for a blockchain-based solution for BRICS, especially as Western sanctions continue to escalate. In September 2023, Russian Prime Minister Mikhail Mishustin emphasized the importance of implementing cross-border settlements using blockchain technology and digital assets. Mishustin highlighted the potential for attracting foreign investments through such initiatives.

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