An overview of BRICS 2025 reveals how the expanded bloc also includes Egypt, Ethiopia, Iran, the UAE, and Indonesia, which actually joined in early 2025. These countries currently account for approximately 48.5% of the world’s population and 39% of global GDP measured at purchasing power parity. BRICS’ de-dollarization efforts have focused on local currency trade and alternative payment infrastructure, while BRICS gold reserves are accumulating at an unprecedented pace. Discussion around the idea of BRICS, a gold-backed currency, remains somewhat limited by internal divisions among member states.
BRICS De-Dollarization, Gold Reserves and Alternative Payment Systems
The expanded scope of BRICS+ covers the availability of around 20 other partners or applicants, and the intention of the bloc is, in effect, to form a more multipolar global financial system.
Political conflicts emerge between members
Russian President Vladimir Putin made a surprising statement in November 2024.
“We are not abandoning the dollar, and we have no intention of doing so.”
This was a stark reversal for the country’s leaders, who had hundreds of billions of dollars of foreign reserves frozen. Indian External Affairs Minister S. Jaishankar made India’s position clear at an event held in London in March 2025.
“I don’t think there is a policy on our side to replace the dollar. The dollar as a reserve currency is a source of global economic stability, and what we want in the world right now is more economic stability, not less economic stability.”
Gold accumulation drives market impact
BRICS+ central banks are active buyers in the precious metals market, adding nearly 800 tonnes in 2025 alone. The total gold reserves of the BRICS currently exceed 6,000 tonnes, which is approximately 20-21% of the total gold reserves of the world’s central banks. Russia holds 2,336 tons and China 2,298 tons, and the two countries together account for approximately 74% of the entire bloc. India follows with 880 tons.
This coordinated purchasing strategy is described as a strategic shield against currency fluctuations and sanctions risks. The impact on the market was significant as gold prices soared to around $4,400 per ounce in late 2025. The World Gold Council’s 2025 survey found that 73% of global central bankers believe the US dollar’s share of global foreign exchange reserves will decline over the next five years. Regarding the purchase decision, the National Bank of Poland said:
“The size and pace of purchases will be determined by market conditions.”
Alternative payment infrastructure
This year, the development of an alternative payment system for BRICS is progressing through various channels. BRICS Pay is a decentralized payment messaging system based on blockchain technology, currently being developed to enable retail and wholesale transactions between member countries. This effectively bypasses Western management systems such as SWIFT.
On October 31, 2025, the block began piloting the so-called “Unit”. It is offered as a basket-backed, collateralized payment instrument used in wholesale transactions. It is not intended to be used as everyday money, but rather a means to take advantage of large-scale international transactions without using the dollar. In October 2025, it also announced a new precious metals exchange that allows members to trade physical gold and other metals directly without using US dollars.
However, the BRICS 2025 overview shows that no concessionary position has been taken on the issue of dollar replacement, as the US currency continues to hold approximately 57.3% of global foreign exchange reserves as of record in early 2025.
