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Lord Jim O’Neill, the British economist credited with coining the acronym BRIC, has explained that the U.S. dollar will lose its dominant status. He expects the Chinese yuan and possibly the Indian rupee to become “much more important currencies for the world.”
Lord Jim O’Neill on USD Losing Its Dominant Status
British economist Lord Jim O’Neill discussed de-dollarization and the potential for a proposed common BRICS currency or the Chinese yuan to replace the U.S. dollar as the world’s reserve currency in a couple of interviews this week. O’Neill, a former Goldman Sachs economist, coined the acronym BRIC over 20 years ago to describe the economic potential of Brazil, Russia, India, and China. South Africa joined the group a few years later, and the acronym was changed to BRICS. O’Neill is now the chair of venture capital firm Northern Gritstone.
He believes that the U.S. dollar will lose its world’s reserve currency status at some point, stating in an interview with Going Underground on Wednesday:
The idea that the dollar will remain king forever, I think, is probably unlikely … At some point the dollar will lose its dominant status.
However, he does not expect the proposed common BRICS currency to replace the U.S. dollar as the world’s dominant currency. In an interview with IC Intelligence chief economist Dr. Desné Masie, published Thursday, he described the idea of a single currency for the BRICS nations as “ridiculous” and “amusing.” He emphasized that “China and India never agree on anything,” noting that the two countries “can’t even really agree on basic things like a peaceful border.”
The former Goldman Sachs economist opined:
What is more feasible, and more likely, is at some point in the future, the RMB [renminbi], and possibly the rupee are going to be much more important currencies for the world.
Moreover, he detailed: “I do think if China and India could ever strongly agree on things as the two biggest countries in the emerging world … then that would probably hasten the end of the dollar’s dominance.”
Regarding whether the Chinese yuan will replace the U.S. dollar as the world’s dominant currency, O’Neill noted: “If you are no longer the biggest economy in the world, your currency stops being the most important. So if China ends up being a lot bigger than the U.S., then probably, the dollar won’t be what it is today. But that’s the reality of life.”
However, the economist outlined several challenges that the Chinese yuan would have to overcome in order to replace the U.S. dollar as “the preferred global currency.” He explained: “You’ve got to allow and encourage people anywhere in the world to hold their wealth with confidence in your currency, and not having any fear that something might happen that they don’t expect. You’ve got to have some significant degree of transparency as well as liquidity. And I’m not sure the CCP is in the position to do that.”

The BRICS nations have been ramping up their de-dollarization efforts, pushing for the use of national currencies in trade settlements. A proposal for a common BRICS currency is expected to be discussed at the economic bloc’s upcoming leaders’ summit. Many believe that a successful BRICS currency will erode the U.S. dollar’s dominance, including former White House economist Joseph Sullivan.
Regarding whether the BRICS will eventually rival the Group of Seven (G7) on the global stage, O’Neill said:
Economically, it already is … Last year’s GDP data shows that collectively they are now, in PPP terms, already bigger than the G7.
“By the end of this decade, China is going to be pretty close to the size of the U.S. while India is going to be close to overtaking Germany. So two of the biggest four economies in the world are two of the BRICS,” he detailed.
Do you agree with Lord Jim O’Neill? Let us know in the comments section below.


Lord Jim O&#8217;Neill, the British economist credited with coining the acronym BRIC, has explained that the U.S. dollar will lose its dominant status. He expects the Chinese yuan and possibly the Indian rupee to become “much more important currencies for the world.” Lord Jim O&#8217;Neill on USD...

news.bitcoin.com

US Dollar Will Lose Dominant Status, China and India Could Play Key Role in Currency Shift, Says Economist Lord O’Neill

Circle plans to launch USD Coin (USDC) natively on the Ethereum (ETH) scaling solution Arbitrum (ARB) on June 8th.
The stablecoin issuer says this native USDC will be the official version of the Arbitrum ecosystem and will eventually replace the USDC currently on Arbitrum that is bridged from Ethereum.

Explains the ETH scaling solution,
“Arbitrum will be working with ecosystem apps to provide a smooth transition of liquidity from bridged USDC to native USDC over time. There will be no immediate changes to the Arbitrum Bridge, and it will continue to operate normally for bridging USDC to and from Ethereum.”
Arbitrum says the benefits of a native USD Coin include institutional on and off-ramps via Circle and upcoming support from a cross-chain transfer protocol to get rid of bridge withdrawal delays. The native USDC will also be fully reserved and always redeemable at a 1:1 ratio for US dollars, according to Circle.
With a market cap of nearly $29 billion at time of writing, USDC is the second-largest stablecoin, behind Tether USD (USDT). USDC is the fifth-largest digital asset overall.
USDC briefly lost its peg to the dollar in March following news that Circle had $3.3 billion of its $40 billion cash reserves stuck in the collapsed Silicon Valley Bank (SVB). The stablecoin dropped to a low of $0.877 before quickly jumping back up to the $1.00 range around three days later.
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The post Second-Largest Stablecoin To Launch ‘Natively’ on Ethereum Scaling Solution Arbitrum (ARB) Next Week appeared first on The Daily Hodl.


Circle plans to launch USD Coin (USDC) natively on the Ethereum (ETH) scaling solution Arbitrum (ARB) on June 8th. The stablecoin issuer says this native USDC will be the official version of the Arbitrum ecosystem and will eventually replace the USDC currently on Arbitrum that is bridged from Eth...

dailyhodl.com

Second-Largest Stablecoin To Launch ‘Natively’ on Ethereum Scaling Solution Arbitrum (ARB) Next Week

Stablecoins like Tether (USDT) and USD Coin (USDC) are usually steadier than other digital assets, especially those pegged to fiat currencies like the USD. 
These coins act as a hedge against extreme levels of market volatility. However, the latest data on USD-pegged stablecoin’s reactions to the current economic uncertainty displays unexpected outcomes.

However, these assets have seen a lot of action over the past few months. While many stablecoins are losing market share, the top stablecoin by market cap, Tether USDT, has climbed to an all-time high over the past year.  
Tether (USDT) Takes Over
According to data from Coingecko, Tether has gained market dominance in the past 12 months. The stablecoin currently holds a whopping 65.89% market dominance, far ahead of others in its category. Data shows that USDT added 18.85% to its market dominance of 47.04% one year ago.

Regarding its market cap, USDT currently stands at $3.1 billion. Also, the coin’s 30-day circulation metric grew by 1.7%, higher than many others. On the other hand, the second largest stablecoin by market cap, USDC, shows declining market dominance. 
USDC lost 11.83% from its former dominance of 34.88% in May 2022 to sit at 23.05% 12 months later.
The overall market capitalization of USDC has decreased significantly to $29 billion from its previous peak of $55 billion. According to the 30-day circulation data, there has been a 4.9% drop in the coin’s circulation. Similarly, Binance USD (BUSD) has also experienced a significant decline of 6.87% in the past year.
The stablecoin stood at 11.68% one year ago, but its market dominance now stands at 4.18%. As of the time of writing, BUSD 30 day’s market circulation shows a decline of 15%.

Circle’s CEO Cites Regulatory Clamp Down As The Cause For The Decline In USDC
According to a Bloomberg report on April 26, the company behind Tether’s competitor, Circle, and its CEO Jeremy Allaire stated that the United States banking crisis and regulatory crackdown are the reasons for USDC’s decline. 
The CEO further claims that the industry is seeing a “concerning” hostility in U.S. crypto regulatory environment,  implying that the uncertain regulations about crypto in the US are discouraging investors from allocating money to the nascent asset class. 
Tether USDC de-pegged from the United States dollars during the U.S. banking crisis, when prominent financial institutions, including Silvergate and Silicon Valley Bank, collapsed. Circle had a whopping $3.3 billion reserves in Silicon Valley Bank (SVB). 
During the crisis, the company attempted to withdraw the funds but failed. After revealing this issue, many investors moved their funds from USDC to USDT, causing the former to de-pegged from the U.S. dollar.
Featured image from Pixaby and chart from Tradingview


Stablecoins like Tether (USDT) and USD Coin (USDC) are usually steadier than other digital assets, especially those pegged to fiat currencies like the USD.  These coins act as a hedge against extreme levels of market volatility. However, the latest data on USD-pegged stablecoin&#8217;s reactions ...

bitcoinist.com

USDT Market Dominance Spikes While USDC Dips Amid Economic Uncertainty

Over the past year, Circle's USD Coin has seen its market share decline from 34.88% to 23.05%. Tether's USDT shows a contrasting picture. 

cointelegraph.com

USDT market share jumps amid economic uncertainty, USDC shrinks 

The future fate of the U.S. dollar continues to dominate financial news, as investor Jim Rogers says the USD’s time is “coming to an end,” and nine Asian countries have been discussing de-dollarization measures in Iran. In other news, an expert has predicted that the price of gold will skyrocket due to economic conditions, and JPMorgan CEO Jamie Dimon has said of interest rates that people “should be prepared for rates going higher from here.” All this and more just below, in this latest Bitcoin.com News Week in Review.

9 Asian Countries Discuss De-Dollarization Measures in Meeting Hosted by Iran
Top officials from nine Asian countries, members of the Asian Clearing Union (ACU), have gathered in Tehran for their annual meeting, where de-dollarization takes center stage. In addition to the officials from Bangladesh, Bhutan, India, Iran, Maldives, Myanmar, Nepal, Pakistan, and Sri Lanka, Russia’s central bank governor and officials from Belarus and Afghanistan also attended the meeting.
Read More

Renowned Investor Jim Rogers Warns US Dollar’s Time ‘Coming to an End’ as Countries Seek Alternatives
Veteran investor Jim Rogers, who co-founded the Quantum Fund with billionaire investor George Soros, says the U.S. dollar’s time is coming to an end as more countries are seeking alternatives to the USD. “Many friends of America are moving, trying to find something to compete with and ultimately replace the U.S. dollar. It will happen. It has always happened,” he warned.
Read More


JPMorgan Boss Warns ‘Everyone Should Be Prepared’ for Interest Rates ‘Going Higher From Here’
JPMorgan Chase, the largest bank in the United States, held its investor day event on Monday, where CEO Jamie Dimon answered questions from analysts and journalists. Despite market expectations of a rate hike pause, Dimon cautioned that people “should be prepared for rates going higher from here.” The billionaire banker also discussed the potential for commercial real estate to sour following concerns raised by Berkshire Hathaway’s Charlie Munger about the sector.
Read More

Gold Prices Poised to Skyrocket as Expert Predicts Fourfold Increase in Demand
Although gold has been trading below the $2K range since May 16, 2023, Rick Rule, the founder of Rule Investment Media, is confident that the struggling U.S. economy will cause demand for precious metals like gold to skyrocket. In an interview published on May 18, Rule emphasized that people’s anxiety about the purchasing power of conventional savings methods has always been the main factor driving gold prices. According to Rule, this trend is likely to continue, and he predicts that demand for gold will increase by fourfold in the near future.
Read More
What are your thoughts about recent conversations on the dollar losing its influence in global economics? Let us know in the comments section below.


The future fate of the U.S. dollar continues to dominate financial news, as investor Jim Rogers says the USD&#8217;s time is &#8220;coming to an end,&#8221; and nine Asian countries have been discussing de-dollarization measures in Iran. In other news, an expert has predicted that the price of go...

Binance USD price	$1.00
Low - High 24H	$0.998959 - $1.00
Market cap	$5.15B
Volume 24H	$804.73M
All time high	$1.15 -13.35% March 13th 2020
All time low	$0.901127 10.98% May 19th 2021
Genesis date	N/A

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