BRICS launched a Brazil-backed payment network into a decisive operational phase in 2026 to settle trade without relying on the US dollar. The system links central banks in China, India, Egypt, and the UAE and uses Brazil’s instant transfer model, Pix, as its technical core.
The platform runs on the Decentralized Cross-Border Messaging System (DCMS), a blockchain-based, decentralized messaging layer that lets each country control its own nodes. The network can process up to 20,000 messages per second and supports local currency settlement.
The Central Bank of Brazil authored the foundational cross-border payments report and currently holds the bloc presidency. Luiz Inácio Lula Da Silva stated “We need to work so that the multipolar order we aim for is reflected in the international financial system.”
Investor positioning pressures the dollar, with a major survey noting net exposure at its most negative level since January 2012, and analysts warning of sharp reversals if data shifts (see survey shows).
Block members have shifted over 60% of their mutual trade toward local currency settlements (Ed. note: this change underpins the network’s rapid uptake). The network is integrating national digital monies, including Brazil’s Drex and China’s digital yuan, and expects Saudi Arabia and Iran to join next.
India continues expanding its UPI system, and internal disagreements mean a fully trusted SWIFT alternative still likely lies years ahead. Developers plan to open-source parts of the network to enable cheaper, broader future integrations.
