What is BRICS? A new gold standard currency is rebuilding the international settlement system

BRICS member countries have launched a new currency backed by gold as a bold attempt to achieve economic independence from the US dollar. This innovative financial tool will begin service on October 31, 2025, and is designed to be directly linked to the price of 1 gram of gold.

Ensuring Stability with an Innovative Collateral Structure

At the core of this project is its unique funding composition. While 60% of the reserves are held in BRICS currency, 40% are backed by physical assets in the form of gold. This two-tier structure provides resilience against market fluctuations while maintaining a solid asset base.

IRIAS issued 100 units, and detailed mechanisms were published on November 10 on the Cardano blockchain. This highly transparent approach facilitates trust-building among nations.

A Neutral Platform Changing the Face of International Trade

This currency unit is not intended to replace existing national currencies but is envisioned as a neutral medium of exchange to facilitate cross-border settlements among BRICS member and partner countries. It balances the strategic goal of reducing dependence on the dollar with the practical provision of a settlement tool.

Rapid Increase in Gold Reserves Supports the Strategy

The strong desire for financial independence among BRICS countries is also evident from the rapid growth in their gold holdings. As of September 2025, the total gold reserves of BRICS increased by 129.7 tons year-on-year, reaching a total of 145.1 tons. This rapid accumulation indicates that concrete preparations are underway to realize the new currency system.

BRICS is a group of nations aiming to strengthen cooperation among emerging economies and gradually become independent from the current US dollar-centered international financial system. This gold standard-like approach has the potential to mark a turning point in the global economic power balance.