"Initial hardship for future ease. Hopefully the BRICS plan will be."
The BRICS group is in the process of considering the implementation of stablecoins as part of its efforts to create alternatives in reducing the use of the United States (US) dollar for remittances and cross-border trade.
According to Russian Foreign Minister Sergei Ryabkov, the move is in addition to developing the "BRICS Bridge" which is a platform that supports the interoperability of Central Bank Digital Currency (CBDC) payments.
He added that there is a role that crypto-currencies supported by fiat currencies will play for the group, among which is fostering financial cooperation among BRICS member countries even though it is still uncertain how far it can go with its research and plans.
However, BRICS last month announced the creation of an independent payment system based on digital currency and blockchain that aims to facilitate governments, ordinary citizens and businesses including cost-effectiveness and independence from politics.
It is well known that the move from the BRICS group comes amid the increased use of stablecoins in the crypto ecosystem, where the stablecoin market recently rose to over $160 million.
Additionally, Singapore-based payments firm Triple-A made a strategic move by announcing its decision to integrate PayPal's stablecoin into its various merchant-customizable payment options.
Not only that, leading blockchain payment firm Ripple (XRP) also revealed its plans to launch its own stablecoin following growing investor interest in special asset classes.
