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Russia and Kazakhstan, both BRICS members, have now eliminated the U.S. dollar from all bilateral trade, completing a full shift to local currencies — the ruble and the tenge — by 2025. Earlier this year, they were already settling about 90% of trade without the dollar. Now it’s 100%.

For decades, the U.S. dollar has been the cornerstone of the global economy — the default currency for trade, oil, and financial reserves. But that dominance is now being challenged. Around the world, developing countries are accelerating their push toward de-dollarization, seeking greater economic sovereignty and freedom from the U.S.-controlled financial system.

Three BRICS nations — China, Brazil, and India — just made one of their most coordinated financial moves yet: offloading $47 billion in U.S. Treasuries in a single month.China led the exodus with $25.7B, followed by Brazil ($13.6B) and India ($7.7B) — a collective signal that the world’s emerging economies are growing tired of funding America’s debt addiction.

Most people read about de-dollarization like it’s distant geopolitics. But if the BRICS alliance — now expanded to 11 nations with 22 more applying — is building a gold-based settlement system tied to blockchain, that’s not just diplomacy.

Morgan Stanley strategists now expect the U.S. dollar to weaken in 2026 as the Federal Reserve prepares for deeper and faster rate cuts than the European Central Bank. They cite a mix of slowing U.S. growth, trade uncertainty, and fading fiscal support — the perfect setup for a softer dollar.