In September 2025, eight nations formally joined the BRICS+ economic bloc, bringing total membership to 15. Simultaneously, central banks in China, Saudi Arabia, India, and Russia launched a pilot for a multicurrency digital settlement system using blockchain-backed CBDCs (Central Bank Digital Currencies).
This marks a turning point: the era of near-total USD dominance in global trade is ending.
According to SWIFT, the dollar’s share of global trade invoices has dropped to 41% in Q3 2025, down from 55% in 2020. Meanwhile, use of the Chinese yuan, UAE dirham, Indian rupee, and gold-backed digital tokens is rising sharply—especially in energy, agriculture, and bulk commodity trades.
For SMEs engaged in cross-border commerce, this shift brings both opportunity and complexity.
Why De-Dollarization is Accelerating
Geopolitical diversification: Nations are reducing exposure to U.S. financial sanctions and monetary policy swings.
BRICS trade agreements: New members are mandating local currency settlements in bilateral deals.
CBDC interoperability: The mBridge project (China, HK, UAE, Thailand) now supports instant, low-cost B2B payments in digital yuan and digital dirham.
Commodity pricing in local currencies: Major oil, iron ore, and grain deals are increasingly priced in yuan or indexed to non-USD baskets.
Challenges for Exporters and Importers
SMEs face new hurdles:
Currency volatility: Exposure to less-stable currencies requires better hedging tools.
Payment fragmentation: Buyers may request settlement in CNY, AED, BRL, or even crypto-linked instruments.
Compliance complexity: Sanctions lists, capital controls, and tax regulations vary widely across emerging markets.
Lack of banking access: Many SMEs cannot open foreign currency accounts or process non-USD transactions.
How Vojin is Enabling Multicurrency Trade
At Vojin Group Holdings, we’ve upgraded our Global Trade Finance Hub to support the new multicurrency reality:
Multi-currency escrow accounts (USD, EUR, CNY, AED, SAR, INR, BRL)
Real-time FX conversion with competitive rates via partnered fintechs
Automated compliance checks for sanctioned entities, import quotas, and dual-use goods
Integration with digital RMB wallets and UAE blockchain payment gateways
Invoice financing in local currencies to improve cash flow for exporters
A Turkish textile exporter recently used Vojin’s platform to accept payment in digital Chinese yuan from a Guangzhou buyer—settled instantly via the mBridge network, with zero intermediary fees.
Strategic Advantage: Flexibility = Market Access
Businesses that can accept diverse currencies and navigate local regulations gain a decisive edge in fast-growing markets across Africa, Southeast Asia, and the Middle East.
De-dollarization isn’t about politics—it’s about practical access to new customers and resilient trade relationships.
