Bengaluru, India, November 12th, 2024, FinanceWire
In a landmark move following the 16th BRICS Summit, BackD is set to launch BRICS-backed stablecoins, aiming to redefine financial independence for emerging economies. Aligned with the summit’s focus on economic autonomy and alternatives to the U.S. dollar, BackD’s stablecoins provide a decentralized solution that empowers BRICS countries to strengthen their own financial systems.
A Historic Step Toward Financial Sovereignty
The recent BRICS Summit, hosted in Russia, gathered leaders from 35 nations to discuss ways to reduce dependency on the dollar, enhance monetary sovereignty, and recalibrate economic power. BackD’s BRICS stablecoins—a digital currency ecosystem backed by the Dirham (AED), Rupee (INR), Ruble (RUB), and others—directly address these goals. By offering a stable financial infrastructure tied to each country’s currency, BackD supports economic resilience and stability, helping these nations build a future on their terms.
BRICS Stablecoins – A Timely Solution for a Multipolar Economy
The United States is currently navigating a range of internal and external pressures, which are shaping its global economic role. Despite shifts in its economic strength, political landscape, and international relationships, the U.S. dollar remains the world’s leading reserve, funding, and exchange currency.
This reality spurred the BRICS nations’ collective push for de-dollarisation & self-reliance, and it’s here that BackD’s BRICS stablecoins come into play. This dollarisation has also spread to the digital asset market, where USD-backed stablecoins dominate, accounting for over 99% – something seen in no other category of its usage.
BackD’s stablecoins provide a solution by enabling BRICS nations to engage digitally with currencies aligned with their own economies. By disassociating from the dollar’s fate, BackD’s BRICS stablecoins promote financial stability and autonomy.
Key Benefits of BackD’s BRICS Stablecoins
BackD’s BRICS stablecoins address the unique needs of BRICS nations, offering:
- Financial Inclusion: Broadens access to digital assets & decentralized finance, enabling secure transactions for underserved communities.
- Liquidity Boost: Enhances liquidity of local currencies & securities in global investment markets and of non-USD currency pairs in global forex markets, driving trade, investment, and potential growth.
- Dollar Shielding: Reduces exposure to USD volatility, dollar-driven inflation, and US monetary policy risks, promoting economic stability and sovereignty for BRICS nations.
- Efficient Transactions: Enables a seamless, low-cost, and real-time alternative to traditional cross-border remittance & domestic payment systems, facilitating smoother trade and payment infrastructure.
The BackD Vision
BackD envisions a multipolar world where emerging economies achieve financial sovereignty and independence. By building a multi-currency digital ecosystem, BackD empowers BRICS nations with stablecoins backed by their own currencies, enabling independent engagement in global finance.
This initiative fosters true economic empowerment, allowing BRICS countries to shape their own financial futures and contribute to a balanced, inclusive global economy.
Users can discover more about their mission at BackD.org and stay connected on Twitter for the latest updates.
Contact
CEO
Mudit Marda
BackD LLC
mudit@backd.org