Will BRICS shake up the US dollar hegemony? Can the UNIT settlement system and local currency trading succeed?

Question

【Crypto World】BRICS countries have been active in recent years, trying to reduce dependence on the US dollar from various angles. What are they playing at? First, promoting local currency settlement in trade; second, developing systems like UNIT, a gold-backed settlement system; third, planning to create a BRICS-exclusive currency. It sounds quite radical.

But the reality is quite sobering—the US dollar is simply unshakable. In global trade settlements, the dollar accounts for up to 80%, and in foreign exchange reserves, it makes up 58%. These two figures are enough to illustrate the problem. Completely replacing the dollar? That’s not reform; that’s a revolution, and it’s basically impossible in the short term.

So, these BRICS efforts can be seen as explorations—striving for more influence in the international financial system. But to dethrone the dollar, having determination alone is far from enough.

BanklessAtHeart · Accepted Answer

An 80% settlement share—what does that indicate? Dollar hegemony is not maintained by words alone; it's a tangible system lock-in. BRICS wants to stir things up, and I do admire their ideas, but this game has to be played for a very long time.

POAPlectionist · Answer

80% of settlement being in USD is just there; BRICS's recent moves are more about psychological warfare.

Speaking of UNIT, if it truly becomes practical, being backed by gold is definitely more reliable than an air coin.

Settlement in the local currency sounds good, but its liquidity and credibility are far behind, making it hard to shake the US dollar in the short term.

Want to replace the US dollar? Dream on, without at least 50 years, there's no hope.

BRICS is just testing the waters; essentially, they want to gain pricing power, not expecting to overthrow anything.

This move is like small countries teaming up to challenge the big brother—very confident in stance but still lacking in strength.

BlockchainFries · Answer

80% of transaction settlement share, this number shows that the US dollar is basically a solid block. BRICS trying to shake it? Dream on.

Local currency settlement sounds good, but how long will it really take to implement? Anyway, I won't be waiting.

UNIT gold support sounds quite innovative, but I don't know if it can actually become a reality.

Instead of shouting every day about weakening the dollar, it's better to stabilize your own currency system first.

Although I appreciate BRICS' exploratory spirit, honestly, 58% of foreign exchange reserves are still in USD. That's the reality.

Speaking of which, BRICS' recent moves are indeed tearing apart the old order. Even if they can't fully replace it, they can still carve out a share.

GweiTooHigh · Answer

Speaking of the 80% figure, it really is the moat of the US empire. BRICS trying to shake it up is just asking for humiliation.

This move can only be said to be struggling in the gaps; UNIT sounds impressive but is actually of little use.

Dollar hegemony is not a technical issue, but a political one. Unfortunately, many people haven't seen through it.

Honestly, if BRICS really succeeds, I would have already gone all in on UNIT. For now, I'm just watching.

Gold backing sounds good, but can it be兑现? I have my doubts.

Stop bragging. Even if the dollar's position drops by 90%, it will still be the boss. That's the reality.

Exploration is fine, but don't treat it as the next revolutionary opportunity. It's too idealistic.

BlockchainDecoder · Answer

Research shows that the 80% settlement share behind this is actually a path dependency issue, not just a technical matter.

Data indicates that BRICS' approach is indeed meaningful in micro transactions, but the macro liquidity problem cannot be bypassed.

It is worth noting that for UNIT to truly replace, it needs to solve not only the credit issue tied to gold backing but also have sufficient market depth — these two issues BRICS cannot make up in the short term.

From a technical architecture perspective, local currency settlement works in bilateral trade, but once multilateral clearing is involved, the risk of liquidity fragmentation becomes apparent.

Overall, this seems more like an attempt to test the waters for gaining influence; revolutionary replacement? That’s basically a false proposition.

GhostWalletSleuth · Answer

80% settlement share... want to shake up the US dollar? Dream on haha. No matter how good the BRICS card is played, it's just about gaining a voice; true financial hegemony isn't that easy to overthrow.

Will BRICS shake up the US dollar hegemony? Can the UNIT settlement system and local currency trading succeed?

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Will BRICS shake up the US dollar hegemony? Can the UNIT settlement system and local currency trading succeed?

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Your First Words Matter! Share your first post on and split $10,000 in New Year rewards. Post with #My2026FirstPost to share your New Year wish 2026U Position Voucher, Gate New Year boxes, F1 Red Bull merch await you! Ends on Jan 15, 2026, 16:00 UTC 2026 starts with this post!

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