More and more countries are coming together to use their own currency for trade or use something common to trade and not depende

More and more countries are coming together to use their own currency for trade or use something common to trade and not dependent on the dollar.

PC: Pixabay.com

Some of the examples are:

1. Brazil and Argentina planning a common currency like the euro for South America
2. Russia and Iran eye a gold-backed stablecoin for trading between them
3. UAE and India looking for trading in Indian Rupee in the non-oil trade
4. China using YUAN for oil trade with Russia

Now if all these are done, then the dominance of the dollar will surely go down. To be honest, with all the unlimited printing of the US dollar happening, it is making other currencies look weak. This is because every other currency is going down as most of the trades are happening in US Dollar and every country have to buy the dollars for trading.

There is not a single currency available in the world other than the US Dollar and because of that, there is actually a dominant it in the international market. Crypto especially Bitcoin can solve this problem but still, countries are not very keen on adopting it. And because of that there are countries (mostly two) which are creating something on their own for trading.

A gold-backed stablecoin is the most promising one of all the above four because Gold is being used by all countries and it's not manipulated by any specific country. So if all the trades would have been happening in this stablecoin then the dollar dominance will surely come down. To be honest, Bitcoin was created for the same thing and that's why it was called Digital Gold hopefully one day all countries can actually find the benefit of this and use it for trading.

If Russia and Iran will successfully create the Gold Backed Stablecoin then we will see more adoption of other stablecoin or actual cryptocurrencies in the international market and that will be a good sign for sure.