September brought significant developments for the BRICS alliance, with the group making bold statements on U.S. trade policy while advancing its digital currency agenda.
At the United Nations General Assembly on September 27, BRICS foreign ministers issued a joint declaration criticizing President Donald Trump’s newly proposed tariffs, describing them as a “proliferation of trade-restrictive actions.”
Brazilian President Luiz Inácio Lula da Silva went further, calling Washington’s move “tariff blackmail” and urging stronger cooperation among BRICS members. His words underscore growing frustration with U.S. trade measures, which many BRICS countries see as protectionist and politically motivated.
On the financial front, China is taking a decisive step to internationalize its currency. During the 10th Belt and Road Initiative (BRI) Summit, Beijing announced the launch of the AxCNH, a yuan-pegged stablecoin aimed at facilitating cross-border BRI transactions. The rollout began in Kazakhstan this September, signaling China’s intention to challenge U.S. dollar dominance in global settlements.
This initiative builds on China’s ongoing digital currency projects. Since 2020, the e-Yuan has been tested in major cities like Shenzhen and Chengdu, gradually expanding into daily retail payments and public services. The introduction of a stablecoin represents a natural extension of these efforts, bridging digital innovation with international trade strategy.
Meanwhile, the BRICS New Development Bank (NDB) is set to diversify its financing operations by issuing its first Indian rupee-denominated bonds. Scheduled between 2025 and 2026, these issuances are expected to range from USD 300 million to USD 500 million.
Since its launch in 2015, the NDB has utilized the Chinese yuan and South African rand, and the addition of the rupee reinforces BRICS’ strategy of reducing reliance on the U.S. dollar.
Although the bloc has recently softened its rhetoric on de-dollarization, its actions tell a clear story. From alternative stablecoins to local-currency bonds, BRICS is steadily building parallel financial infrastructure.
As experts note, blockchain and central bank digital currencies (CBDCs) will inevitably shape the future of this transition. While the tone may have shifted, the long-term aim remains unchanged—challenging U.S. dollar hegemony and creating a more multipolar financial order.
