Some wars are fought without a single shot being fired.

Sometimes, the battleground is money, and right now, a silent war over currency is taking shape.

While most of the world is focused on AI trends, politics, and celebrity news, a major economic shift is in the making, one that could reshape the way global trade works.

BRICS, now expanded to BRICS+ with the addition of Iran, UAE, Egypt, and Ethiopia in 2023, is a bloc originally made up of Brazil, Russia, India, China, and South Africa. The group has openly discussed creating an alternative to the U.S. dollar for global trade

For over 80 years, the U.S. dollar has been the main global currency, used in nearly 90% of all trade. Everything from oil to gold to wheat is priced in dollars. This gives the United States a powerful advantage: it can print the currency that the world needs.

But BRICS is working on what they call a “Plan B”, and this time, it is more than just talk.

The gold-backed currency idea

At the BRICS summit in Johannesburg in 2023, leaders discussed creating a currency backed by gold.

The reason? Gold cannot be printed, and unlike foreign currency reserves, it cannot easily be frozen by other countries.

When the U.S. sanctioned Russia in 2022, it blocked access to $300 billion of Russia’s reserves. 

By 2023, Russia’s gold reserves had reached 2,333 tonnes, while China bought over 225 tonnes in the same year. Experts say this shows serious preparation for a new kind of financial system.

Oil has been sold exclusively in U.S. dollars for around 50 years, a system known as the “petrodollar.” But in January 2023, Saudi Arabia’s finance minister, Mohammed Al-Jadaan, said:

“We are open to trading in currencies other than the dollar.”

If Saudi Arabia joins BRICS and begins selling oil in another currency, it could directly challenge the dollar’s dominance in the energy market.

Declining dollar share

Foreign nations hold about $7.6 trillion in U.S. debt. The dollar’s share of global currency reserves has already fallen from 73% in 2001 to 58% in 2023, and experts predict it could drop below 50% by 2030.

Even a small fall in global dollar use could mean billions of dollars lost in U.S. economic influence. If the dollar loses its position as the world’s main currency, imports could become more expensive, interest rates could rise, and everyday living costs could go up.

A multipolar future

BRICS says its goal is not to make a new leader, but to end a system where one country, the United States, makes most of the global rules.

In this “multipolar” world, Washington would be one power among many, rather than the central authority.

If BRICS manages to launch its currency before 2030, it could lead to the biggest shift in global economic power since the end of World War II.