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De-dollarization: SCO Nations Shift 92% of Trade Away from U.S. Dollar
De-dollarization is accelerating dramatically right now as Shanghai Cooperation Organization members are reducing their United States dollar dependency in international trade. SCO nations have also successfully implemented currency substitution strategies, with Russia reporting that national currencies now account for over 92% of trade settlements with fellow member states, and this marks a historic shift away from dollar-dominated global commerce.
“Our countries are increasing the use of national currencies in mutual settlements. For example, their share in Russia’s commercial transactions with members of the organization has already exceeded 92% in the first four months of this year.”
How SCO Nations, BRICS, and Currency Substitution Are Driving De-dollarization Trends
The Shanghai Cooperation Organization’s coordinated approach to de-dollarization represents a fundamental shift in global financial architecture right now.
This massive economic bloc, which encompasses China, Russia, India, Pakistan, Iran, Kazakhstan, Kyrgyzstan, Tajikistan, and also Uzbekistan, controls approximately 42% of the world’s population and represents significant economic power that’s driving currency substitution initiatives across the region.
Putin also noted the broader economic success of SCO nations:
“The average GDP growth of the member countries of our organization last year amounted to more than 5%, industrial production to 4.5%, while the inflation rate is only 2.4%. At the same time, Russia’s trade with the SCO states has increased by a quarter.”
SCO’s Strategic De-dollarization Implementation
The de-dollarization movement within SCO represents more than just statistical changes—it also reflects systematic policy coordination among member nations at the time of writing. Putin emphasized Russia’s commitment to expanding non-dollar payment mechanisms, and he’s proposing an independent SCO settlement system that would further reduce United States dollar dependency.
BRICS nations are working closely with SCO countries to implement currency substitution across multiple economic sectors right now. China’s yuan has emerged as a primary alternative currency, while bilateral trade agreements are increasingly favoring national currencies over traditional dollar-denominated transactions, and this trend is gaining momentum.
The coordination between SCO nations and also BRICS members amplifies de-dollarization effects globally. These interconnected economic blocs represent countries that are seeking financial sovereignty through currency substitution, and they’re reducing exposure to United States dollar volatility and potential sanctions.
Putin highlighted the strategic importance of this transition:
“Regular meetings of economy and finance ministers and governors of central banks made a weighty contribution to the development of trade and investment in the SCO.”
Oil-producing nations that were traditionally tied to petrodollar systems are now exploring alternatives. Saudi Arabia’s openness to yuan-denominated oil transactions with China exemplifies how even traditional dollar allies are considering currency substitution options right now.
Since almost all of the trade settlements within the SCO avoid the dollar, this achievement shows that large-scale de-dollarization works well. This action by leading economies is now challenging the United States dollar’s long-standing place in global trade and it may play a major role in reshaping financial systems over the next few decades.
@ Newshounds News
Source: https://watcher.guru/news/de-dollarization-sco-nations-shift-92-of-trade-away-from-u-s-dollar
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WisdomTree’s XRP ETF Approval Bid Gains Momentum with SEC Review
▪️SEC begins review of WisdomTree’s proposed spot XRP ETF, sparking optimism and driving XRP’s price to $2.30.
▪️Ripple pushes back on security claims as ETF approval could mark a turning point for XRP’s regulatory and institutional future.
XRP is making noise in the market again, now trading around $2.30. Investors are getting bullish as excitement builds over a potential U.S. spot ETF approval. The market is responding with optimism, seeing the move as a major step toward broader institutional access and legitimacy for the token.
Though XRP cleared the securities tag partially, a final court judgement is awaited; however, the pace SEC is going with XRP ETFs, it seems all is under control and approval is on the way.
SEC Opens Door for XRP Spot ETF
The U.S. Securities and Exchange Commission (SEC) has officially started reviewing the WisdomTree XRP Trust, a proposed spot ETF that would allow investors to gain exposure to XRP without owning the token directly. This would be the first U.S.-based spot XRP ETF, potentially laying the groundwork for other crypto ETFs in the future.
Filed by Cboe BZX Exchange, the ETF aims to mirror the price of XRP via the CME CF Ripple-Dollar Reference Rate. If approved, it would enable XRP trading through traditional brokerage accounts, eliminating the need for crypto wallets or private keys.
Investor Protection at Play
As part of the process, the SEC has published a notice under Release No. 34-103124, calling for public feedback. The agency wants input on whether the product protects investors and how it plans to tackle market manipulation concerns. The Commission has 240 days to decide whether to approve or reject the application.
At the same time, Ripple’s Chief Legal Officer, Stuart Alderoty, fired back at the SEC’s broader crypto stance. In a recent letter to the agency’s crypto taskforce, he urged clearer rules, stating that XRP is not a security. He warned that vague regulatory terms like “decentralized” or “fully functional” only add confusion for both issuers and market participants.
With the SEC’s clock ticking and public comment now open, all eyes are on how the Commission handles this groundbreaking application. For now, bullish sentiment is picking up, and XRP’s rally suggests that traders are betting big on a regulatory breakthrough.
@ Newshounds News
Source: https://coinpedia.org/news/xrp-spot-etf-approval-hopes-rise-as-sec-reviews-wisdomtree-etf/
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