Yes, BRICS wants de-dollarization and is at the forefront of the battle to topple the US dollar’s reserve currency status. There’s nothing to hide in that, as all dialogues have been open. China, Russia, and Iran, among others, have openly called for the dethronation of the greenback. To replace its spot, China wants the Chinese yuan, while others want a BRICS currency, and someone else wants local currencies.

This mixture of thoughts is what’s failing BRICS in striving for de-dollarization. The idea is easy, but the consensus to agree upon each other’s choices is hard. The hot topic now is no longer de-dollarization, but BRICS’ inability to challenge the US dollar. Despite several new trade deals in local currencies and threats to abandon the greenback, the USD still rules over their lands.

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BRICS: 2 Different Stories in a Page

The US dollar’s share in global reserves has indeed fallen from 85% in the 1970s to 58% by 2025. That’s a sharp 27% decline over the years as developing countries are diversifying their reserves with gold and other local currencies. The BRICS alliance has been hoarding gold since 2022 to fulfil its de-dollarization quest. Holding the USD in their reserves is a risk, as an economic fallout in America can wreak havoc on their local economies.

That being said, while the US dollar reserves have dipped to 58%, global foreign exchange transactions in the currency have increased to 90%. It even commands 48% of all SWIFT payments, making it the largest beneficiary. The Chinese yuan, which BRICS is promoting through de-dollarization, accounts for just 7% of global foreign exchange transactions.

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The fundamental truth is that the US dollar still reigns supreme despite challenges emerging from the BRICS de-dollarization agenda. Their obstacles are numerous, and overcoming them might not just take years but decades. Until they resolve their internal issues, whether you like it or not, the US dollar is king. No other currency comes close to it.