The BRICS plus nations have often spoken about creating an alternative currency,to settle trades or even escape sanctions, often imposed by the West, for sometime now.BRICSTether has recently been established,to be an alternative currency,a 100% asset backed stable coin. It now means companies,and entire countries could utilise BRICSTether,with low cost,and almost instant payments Globally. BRICSTether is doing a low key listing on a mid tier exchange, Azbit.com, on March 31st,2023, to test its systems,before expanding its volume and the number of exchanges that are waiting to have it listed on. USDTether 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 the risk that banks are facing in both the US and now Europe,that saw SVB collapse recently,and USDC lose its peg to the USD briefly, after it lost $3billion in the SVB collapse, BRICSTether 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 the failing US and European banks,(especially as banks have often only 6%,or less of the assets available to pay out due to the fractional reserve banking system,)and depositors are shifting to Gold and Crypto for safety.Stablecoins that are asset backed,are typically safer cryptocurrencies and are becoming very popular.BRICSTether is also offering 5% pa,for anyone staking their coins for 90 days or more,and 10% if staked for 12 months or more , according to its website BRICSTether.com. Which makes it not only safer then banks that have only 6% reserve backing or less, with 100% asset backing,but much higher returns then the paltry amounts high risk taking banks offer. The Global Economic Forum also endorses the new BRICSTether that’s launching as an alternative to the US Central Banking System, said a recent Press Release by the Organisation,set up to be an alternative to WEF forum,that is run by Klaus Schwab,and other billionaire Western elites.
It went on to say that the USD dollar dominance is drawing to a close, due to the abuse of their system of printing endless money,and exporting inflation to the world, and often funding the US military to bully the world, with some suggesting starting endless wars, including the Ukraine / Russian conflict and trying to provoke China over Taiwan. Fintech and crypto is key,to creating better systems to provide alternative ways of transacting globally,outside the imploding US financial system, it went on to say. The BRICS nations have been wanting for years to create their own currency, and some have said the new BRICSTether,if it garners sufficient support, could become one of several new ways to by pass the US SWIFT system.Both Russia and China are keen to no longer rely on the U.S. Swift system as are most BRIC nations. To access BRICSTether, it lists March 31st,2023 on Azbit.com Exchange. Or if you donate to the BRICS Foundation behind it, at Bricsf.com, they will gift you BRICSTether equal to your donation, it’s website said and it’s custodian guarantees to buy back any BRICSTether at its peg of 7 Chinese Yuan ( $1 USD approximately)