Russia and Iran plan a gold-backed stablecoin, while Brazil and Argentina seek a shared currency. Here are 5 rising threats to the dollar's dominance of global trade.
— a 'stablecoin' that could replace the dollar for payments in international trade.
Russia and Iran have stepped up their push to"de-dollarize" in recent months, according to think tank the Jamestown Foundation. They aim to increase their volume of trade to $10 billion per year via moves such as developing an alternative international payments system to SWIFT, which they are banned from.The UAE and India signed a free trade agreement last year with a goal of increasing non-oil transactions to $100 billion by 2027.
Toward the end of last year, Beijing began buying Moscow's crude at steep discounts, completing those purchases in yuan rather than dollars, giving rise to the so-called petroyuan.
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