The BRICS plus nations have often spoken about creating an alternative currency,to settle trades and escape sanctions, often imposed by the West, for sometime now. BRICSTether has recently been established to be an alternative currency and a 100% asset-backed stable coin. It now means companies and entire countries could utilise BRICSTether, with its low cost and almost instantaneous payments, globally. BRICSTether is doing a low key listing on a mid tier exchange, Azbit.com, on March 31st,2023, to test its systems,before expanding its volume and the number of exchanges that are waiting to have it listed on. USDTether has grown to be worth $74 billion despite being potentially only 66% asset-backed and reluctant to provide audits. BRICSTether is 100% asset-backed and will provide quarterly audited updates of its asset allocation and position. To reduce the risk that banks are facing in both the US and now Europe, which saw SVB collapse recently and USDC lose its peg to the USD briefly after losing $3 billion in the SVB collapse, BRICSTether will hold gold, silver, cash, cryptocurrency, real estate,some stocks, and bonds.
It will be pegged to 7 Chinese yuan (approximately $1 USD currently).
Many investors and savers are panicking about holding all their cash in the failing banks (especially as banks have often only 6% or less of the assets available to pay out due to the fractional reserve banking system) and are shifting to gold and crypto. Stablecoins that are asset backed,are typically safer cryptocurrencies. BRICSTether is also offering 5% a year for anyone staking their coins for 90 days or more,and 10% if staked for 12 months or more, according to its website, BRICSTether.com.
The Global Economic Forum also endorses the new BRICSTether launching as an alternative to the US Central Banking System, said a recent press release by the organisation,set up to be an alternative to the corrupted cult-led WEF forum run by Klaus Schwab and other elites.
It went on to say that the USD dollar dominance is drawing to a close, due to the abuse of their system of printing endless money, exporting inflation to the world, and often funding the US military to bully the world, starting endless wars, including the Ukraine-Russia conflict and trying to provoke China over Taiwan.
Fintech and crypto are key to creating better systems to provide alternative ways of transacting globally outside the imploding US financial system.
The BRICS nations have been wanting for years to create their own currency, and some have said the new BRICSTether,if it garners sufficient support, could become one of several new ways to by pass the US SWIFT system. Both Russia and China are keen to no longer rely on the U.S. Swift system, as are most BRIC nations.
To access BRICSTether, it lists March 31st,2023 on Azbit.com Exchange. Or if you donate to the BRICS Foundation behind it, at bricsf.com, they will gift you BRICSTether equal to your donation, as its website says, and its custodian guarantees to buy back any BRICSTether at its current peg of 7 Chinese Yuan (approximately $1 USDy BRICSTether at its current peg of 7 Chinese Yuan (approximately $1 USD).
![Listing Announcement: Dynex [DNX]](https://firstcryptonews.com/wp-content/uploads/2022/10/Screenshot-2022-10-05-at-12.17.56-AM-120x86.png)
