There is no denying that the digital asset industry is expected to increase dramatically this year. In its efforts, one BRICS Nation is planning to launch its own Stablecoin, which would seriously threaten the US dollar. With the industry’s market capitalization exceeding $242 billion, the potential growth of the Alliance’s native currency could be enormous.
Specifically, the United Arab Emirates (UAE) has announced the arrival of a ridiculous stubcoin in support of Dillaham. What makes it even more interesting is that it will become one of the major competitors of US dollar-backed stubcoin, which has dominated the market. Its arrival will spark new trends and certainly could challenge the domination of the greenback.
uae stablecoin is set to strengthen the cause of Brics and hinders control of the US dollar
There is no denying that Stablecoins has become an immeasurable digital asset sector. It offers many advantages of cryptocurrency while being financially supported by actual Fiat. The combination of the two has made it a highly desirable entry point for beginner crypto investors.
Furthermore, it represents an equally extended use case. However, one of the biggest drawbacks internationally is the control of US dollar-backed stubcoin. It is primarily set to change. In fact, one Brics Nation has announced its own Stablecoin as it prepares to challenge its US dollar position.
The UAE is introducing its own dirham-based stubcoin regulated by the central bank. As a digital asset representing the currency of a country, it is a major step forward. Furthermore, the UAE’s position in the global economy could face large-scale adoption. They are not the only BRICS Nation exploring ideas. Russia discussed the possibility of its own cipher stubcoin earlier this year.
This move marks another important de-cooperative step for the Economic Alliance. It could enable greater competition not only in the Stablecoin market but also in the entire crypto sector. The existence of currency in the country expressed in this way allows other currencies to achieve a major conflict. Additionally, they were able to benefit from the US dollar, which they have struggled strongly this year.
