BRICSTether is a new stablecoin to launch shortly, which is planned to eventually be weighted to a basic of BRIC Nations currencies, but initially 1 BRICST will be pegged to 7 Chinese Yuan. It will be asset backed in fiat,crypto,bonds,gold,silver and real estate.
It couldn’t launch soon enough for some, especially Russians and other nations being sanctioned or losing faith in the USD. Binance recently announced its no longer going to allow Russians to buy USDT, so BRICST is expected to fill the gap for Russians, but also many BRICSPlus nations, not to mention many that are concerned re the fall of the USD. As the world shifts away from the Us dominated unipolar world, a multipolar world will see a search for alternative currencies for settling international trades. It’s expected many non Western countries will seek to utilise BRICST to support its growth to ensure alternative cross border settlements can occur inexpensively, outside the USD
BRICST will list on a small number of exchanges to start with and expand as its ramps up its operations.
BRICSTXchange also is set to launch to be one of the main exchanges to handle BRICS transactions.
The BRICS plus nations have spoken about creating an alternative currency to settle trades and escape sanctions imposed by the West for sometime.BRICSTether has been set up to be an alternative, using a 100% asset backed stable coin. It would mean companies and entire countries could utilise BRICSTether with low cost and almost instant payments. BRICSTether is doing a low key listing on a mid tier exchange, Azbits on March 31st,2023, to test systems before expanding volumes and the number of exchanges that are waiting to list it on. USDT has grown to be worth $74 billion despite it being potentially only 66% asset backed and reluctant to provide audits. BRICSTether is 100% asset backed and will provide quarterly audited updates of its asset allocation and position. To reduce risk that banks are facing, that saw SVB collapse recently,and USDC lose its peg briefly, as it lost $3billion in the SVB collapse, it will hold Gold,Silver,Cash,Crypto,Real Estate ,some stocks and bonds.
It will be pegged to 7 Chinese Yuan ( approximately $1USD currently )
Many investors and savers are panicking about holding all their cash in banks ( especially as banks have often only 6% or less or the assets available from fractional reserve banking) and are shifting to Gold and Crypto. Stablecoins that are asset backed are typical safer cryptocurrencies . BRICSTether is also offer 5% pa for anyone staking for 90 days or more and 10% if staked for 12 months or more , according to its website BRICSTether.com
It will largely be an asset backed by the fiat currency of BRICS nations, primarily the Chinese Yuan. Additionally, it will hold smaller amounts of the top 5 major fiat currencies, including the Euro and some US dollars.
Furthermore, it will also hold a proportion of other cryptocurrencies, mainly the top 10, as well as gold, silver, and other commodities. It will also include a proportion of real estate assets and an allocation for selected investments in BRICSPlus nations.
No, it’s not a Government Digital Currency.
We find most crypto users aren’t fond of Government-backed cryptocurrencies or CBDCs planned by Central Banks.
However, the BRICST is establishing an advisory committee where each BRICS plus nation,& other selected countries will be allocated a representative seat to advise on their needs and opportunities for BRICST to be a more suitable reserve currency for settlement of trades, commerce, or holding of funds as an alternative to the USD or US banks. These banks often carry the risk of sanctions or freezing of funds of nations who refuse to abide by a unipolar world Western dominant ideology.
Many nations & companies & individuals are supportive of having other reserve currencies to the USD,& other ways to make payments for trade, or otherwise, outside of the USD.