The BRICS payment system is entering a decisive operational phase right now, in 2026, connecting central banks from China, India, Egypt, and the UAE through a Brazil-backed payment network designed to settle trade without relying on the US dollar. Engineered around Brazil’s Pix instant transfer technology, the platform has catalyzed various major cross-border settlement capabilities — processing up to 20,000 messages per second and accelerating what was, just a year ago, still largely a pilot project.

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The BRICS payment system runs through the Decentralized Cross-Border Messaging System — DCMS — which, unlike SWIFT, has no single controlling authority and also keeps each country in control of its own network nodes. Architected around blockchain technology, the infrastructure has implemented several key safeguards that ensure records cannot be tampered with, while integrating local currency settlement across multiple essential trade corridors.

The Central Bank of Brazil prepared the foundational report on BRICS cross-border payments, and right now Brazil also holds the rotating bloc presidency — which is not a small detail. Through various major institutional contributions, Brazil spearheaded the adaptation of its Pix model to an international scale, transforming a domestic success story into the technical backbone of a bloc-wide settlement network.

Brazil’s PresidentLuiz Inácio Lula Da Silvastated:

“We need to work so that the multipolar order we aim for is reflected in the international financial system.”

Lula Da Silva also said, during meetings with Brazilian and Indonesian business leaders in Jakarta:

“This is part of Brazil’s broader strategy to expand partnerships and facilitate trade.”

Bank of America’s February FX and rates sentiment survey — dating back to January 2012 — shows thatnet exposure to the US dollar has fallen to its most negative level ever recorded, also dropping below the previous trough seen last April.

Dollar dominance is being challenged across several key dimensions simultaneously: record short positioning has reached its most extreme level in more than 14 years, and market participants have broadly institutionalized a softer outlook for US growth and inflation.

Source: Watcher Guru