The US stablecoin push is accelerating digital dollarization at a pace that BRICS de-dollarization efforts weren’t really built to handle. Right now, as Washington moves closer to finalizing crypto regulation, users across inflation-hit emerging economies are increasingly looking at USD-backed stablecoins — and also the stablecoin yields that come with them — as a serious and attractive option. For BRICS nations, that’s a direct and also a growing problem.
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How US Stablecoin Push And Yield Offers Challenge BRICS De-Dollarization
Negotiations Move Forward, But No Deal Yet
White House officials held a third round of talks between banking industry representatives and crypto policy experts on Thursday, trying to break the deadlock over the Digital Asset Market Clarity Act. At the time of writing, the central dispute remains whether the US stablecoin push should allow platforms like Coinbase to offer stablecoin yields to users — an an issue that’s been holding up crypto regulation for weeks now.
Ji Kim, CEO of the Crypto Council for Innovation, stated:
“Today’s constructive meeting at the White House reflects the importance of focused working engagement. The conversation built upon previous meetings to establish a framework that serves American consumers while reinforcing U.S. competitiveness.”
Paul Grewal, chief legal officer at Coinbase, added:
“The dialogue was constructive and the tone cooperative.”
Banks have demanded an outright ban on all stablecoin yields, saying those products threaten their core deposit business. Neither side has reached a compromise yet, and this very point is also holding up the broader crypto regulation bill — which the US stablecoin push depends on.
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Why the US Stablecoin Push Is a BRICS Problem
If crypto regulation ends up locking in stablecoin yields as a legal product, users in BRICS economies — already dealing with currency instability — may organically shift toward USD-backed digital assets. That’s digital dollarization happening at an an everyday user level, not through policy mandates.
Russia, China, and India have all been building CBDCs to create financial infrastructure outside Western systems, but a dominant US stablecoin push makes that path a lot harder to walk. BRICS de-dollarization was already a difficult effort in traditional finance — and with the US stablecoin push gaining regulatory ground right now, the digital economy is turning into an an even steeper hill to climb.
