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Nigeria Launches BisonFly Project to Tame Air Travel Costs for MDAs

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The Federal Government of Nigeria has launched the BisonFly Project, a centralized digital platform aimed at cutting down on the ballooning cost of air travel within the federal civil service.

The initiative, announced in Abuja by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, is being touted as a key reform step in the drive to enforce fiscal discipline across Nigeria’s bloated Ministries, Departments, and Agencies (MDAs).

The move comes amid mounting pressure from governance advocates and economic analysts who have repeatedly called for a drastic reduction in the cost of running government — a longstanding drain on Nigeria’s limited public resources.

According to a statement released on the Ministry’s official X account on Friday, the BisonFly Project was developed by the Ministry’s Efficiency Unit in collaboration with ICT advisers and other key stakeholders. It will serve as a single digital platform for booking all official air travel, enabling the government to leverage its bulk purchasing power to negotiate better fares with airlines, eliminate redundant travel schedules, and ensure real-time tracking of travel-related expenditures.

“In its avowed commitment to ensuring cost savings across all air travels, the Federal Government has launched the BisonFly Project to optimize air travel costs for the Federal Civil Service through a structured, optimized, and technology-driven discount program,” the Ministry stated.

Wale Edun, who inaugurated the BisonFly Project team at his office, said the initiative was a direct response to the need for smarter financial governance. He pointed out that the cost of travel across MDAs had reached unsustainable levels, and that BisonFly was expected to bring transparency and coordination to what has largely been a chaotic and expensive aspect of government spending.

The announcement has also renewed focus on the wider issue of government spending and inefficiency. Nigeria’s MDAs, many of which operate without oversight, continue to gulp a significant portion of the national budget — often with very little output to show. Despite being created to drive service delivery and revenue generation, a number of these agencies fail to remit any revenue to the federation account, while still drawing heavily on public funds for recurrent expenses such as travel, allowances, and office maintenance.

Analysts have consistently flagged the MDAs as a black hole in Nigeria’s fiscal framework. A report by the Office of the Auditor-General has in the past revealed how several government agencies generated billions in revenue annually but retained nearly all of it, in violation of fiscal rules, while still depending on federal allocations to fund their operations.

This fiscal recklessness, critics argue, has not only deepened the country’s fiscal crisis but also eroded public confidence in government reforms. It is within this context that the BisonFly Project is being launched — not just as a digital tool, but as a symbolic gesture to rein in one of the many cost leakages plaguing the system.

Edun said the system would mirror international best practices, citing the World Bank’s use of centralized travel systems to manage costs and ensure accountability.

“By centralizing travel coordination and securing discounted rates, we are introducing a structure that reduces inefficiencies and ensures transparency,” he said.

The project, expected to go live in the coming months, will be monitored by a dedicated implementation team tasked with ensuring its swift rollout and measurable outcomes.

Raymond Omenka Omachi, the Permanent Secretary for Special Duties at the Ministry of Finance, praised Edun’s leadership, describing the BisonFly Project as a “benchmark for fiscal responsibility” that could become a model for other sectors of the public service.

But for many Nigerians, digital platforms and reform promises are not enough. The real demand is for a wholesale reduction in the cost of governance, from trimming redundant agencies to enforcing accountability in revenue-generating ones.

Groups like BudgIT and the Centre for Social Justice have repeatedly urged the federal government to go beyond surface-level reforms and restructure the civil service entirely, including merging overlapping agencies and introducing a performance-based allocation system.

For years, Nigeria has faced a paradox where over 70% of its budget goes to recurrent expenditure — salaries, allowances, foreign trips, and operations — while capital projects, which directly impact the lives of citizens, receive the scraps. That imbalance has only worsened in recent times, as the government grapples with inflation, mounting debt, and dwindling oil revenue.

Although the BisonFly initiative may help trim air travel costs, critics warn that such reforms will mean little if not accompanied by broader changes across the MDA ecosystem. Without mechanisms to enforce compliance and penalize agencies that sidestep the system, past efforts at cost-cutting have collapsed under the weight of entrenched interests and bureaucratic resistance.

Still, the launch of BisonFly marks a shift in tone from the Finance Ministry, signaling some political will to confront Nigeria’s cost-of-governance crisis. Whether this will translate into meaningful savings and long-term reform is a test yet to come.

U.S. Reportedly Planning to Isolate China on Trade Negotiations with 70 Countries

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The United States is reportedly planning to use trade negotiations with over 70 countries to isolate China economically by pressuring these nations to limit their trade interactions with Beijing. The strategy involves requesting that these countries block Chinese goods from being routed through their territories, prevent Chinese firms from establishing operations within their borders to evade U.S. tariffs, and avoid absorbing cheap Chinese industrial goods into their economies.

This approach aims to weaken China’s global trade influence and force Beijing to negotiate with the U.S. under less favorable terms. The plan, attributed to Treasury Secretary Scott Bessent, is part of a broader escalation of the U.S.-China trade war, with the U.S. imposing 145% tariffs on Chinese imports while offering tariff reductions to other nations in exchange for compliance. Discussions with some countries have reportedly begun, though specific nations involved remain undisclosed.

China is countering by strengthening trade ties elsewhere, with Xi Jinping signing 45 deals with Vietnam and pushing for closer cooperation with the EU, Japan, and South Korea. Beijing has also appointed a new trade negotiator, Li Chenggang, amid stalled talks with Washington, signaling a strategic shift to navigate the escalating tensions.

The effectiveness of the U.S. strategy is uncertain. Some analysts argue that China’s defiance and domestic support for retaliation may limit the impact of these measures, while others note that nations may hesitate to fully align with the U.S. due to their economic reliance on China. The situation risks further decoupling the U.S. and Chinese economies, potentially disrupting global trade and raising costs for consumers.

Restricting trade routes and access to markets could strain China’s export-driven economy, reducing its global market share. Higher U.S. tariffs 145% on Chinese imports may force Chinese firms to seek alternative markets, potentially flooding other economies with cheap goods, which could destabilize local industries. Higher tariffs and trade restrictions may increase domestic consumer prices due to reduced access to low-cost Chinese goods. U.S. industries reliant on Chinese inputs could face supply chain disruptions and higher production costs.

Nations pressured to limit trade with China may face economic dilemmas. Aligning with the U.S. could secure tariff reductions, but cutting ties with China risks losing access to a major trading partner. Smaller economies dependent on both powers may struggle to balance these pressures. This escalation intensifies the U.S.-China trade war, potentially spilling into other domains like technology, military posturing, or influence in international organizations. It may further erode diplomatic relations, making cooperation on global issues (e.g., climate change) more difficult.

The U.S. strategy could reshape alliances, with countries forced to choose sides. Nations like Vietnam, India, or EU members may resist full alignment with the U.S. to maintain strategic autonomy, while others may leverage U.S. incentives to gain economic advantages. China’s push for stronger ties with Vietnam, the EU, Japan, and South Korea signals a counter-strategy to build a coalition resistant to U.S. pressure. This could strengthen China’s influence in Asia and beyond, potentially creating rival trade blocs.

Blocking Chinese goods from third-country routes may force a reorganization of global supply chains, increasing costs and delays. Industries like electronics, automotive, and textiles, heavily reliant on Chinese manufacturing, could face significant disruptions. The strategy risks further decoupling the U.S. and Chinese economies, fragmenting global trade into competing spheres. This could weaken multilateral trade frameworks like the WTO, as countries navigate bilateral or regional agreements instead.

Reduced trade efficiency and higher tariffs may lead to increased prices for goods worldwide, contributing to inflation and reducing purchasing power, particularly in import-dependent economies. Many countries may resist U.S. demands due to economic dependence on China or fear of retaliation from Beijing. Partial compliance could undermine the strategy’s effectiveness.

China’s domestic market and growing trade partnerships (e.g., Belt and Road Initiative) may mitigate the impact of U.S. restrictions, allowing Beijing to withstand economic isolation efforts. Smaller economies caught in the crossfire may face trade losses or political instability if forced to alienate one superpower. Global economic growth could slow if trade tensions escalate further.

While the U.S. aims to weaken China’s trade dominance, the strategy risks escalating global economic and geopolitical tensions, disrupting supply chains, and creating a fragmented trade landscape. The outcome hinges on the willingness of other nations to align with U.S. demands and China’s ability to counter through alternative partnerships.

As Trump Tariffs Reshape Trade, Made-in-America CEOs Eye a Manufacturing Comeback — But Admit It Won’t Happen Overnight

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As the United States tightens its trade policy under President Donald Trump, cautious optimism is rippling through the nation’s industrial base. For companies that have long insisted on making their products in America, the renewed focus on domestic manufacturing feels like vindication — albeit tempered by uncertainty.

Ric Cabot, CEO of Vermont-based sock manufacturer Darn Tough, is one such executive. His company, which has earned national attention for its high-performance socks backed by a lifetime guarantee, has spent years doing what many others abandoned: manufacturing entirely in the U.S.

“For the first time, and hopefully not for the last time, domestic manufacturing is in a good spot,” Cabot said in an interview with Business Insider. “But you gotta commit. You gotta commit to making it here. It isn’t easy. Nobody outsources anything for quality.”

That last line is more than a quip. It underscores a fundamental belief among domestic producers: offshoring may cut costs, but quality and control suffer in the process. With the Trump administration’s tariff-heavy trade strategy, companies like Darn Tough may finally have the market conditions to prove that point, even if they remain wary of the pace and unpredictability of the White House’s approach.

Tariffs and Their Double-Edged Sword

Under the Trump administration’s evolving trade agenda, tariffs are being wielded as tools to encourage reshoring — or the return of manufacturing to U.S. soil. Treasury Secretary Scott Bessent said as much in a February interview, calling tariffs “a means to an end” aimed at restoring the country’s industrial might.

But for business leaders, the end may be clear, yet the means remain fraught.

“It’s not like we could just flip a switch, write a check, and turn on all that capability the next day,” said Bill Banta, CEO of Decked, an Idaho-based truck storage system maker that manufactures its products in Ohio and Utah. “Multimillion-dollar capital investments don’t work on short timelines — especially not with tariff threats looming.”

Banta, whose company has gradually built its own injection-molding machines and robotic welding infrastructure, acknowledged that the current moment is favorable for firms like his. Still, he warned that a poorly coordinated tariff policy could backfire, particularly if the cost of imported manufacturing equipment rises.

“It’s really hard to make long-term investments if you don’t know whether you’ll be hit with significant tariffs by the time that equipment lands in a U.S. port,” he said.

Darn Tough faces similar challenges. While its wool is sourced domestically and all production happens in Vermont, the specialized machines it uses to knit socks come from Italy. That means even companies committed to U.S. manufacturing are not immune from the fallout of global trade disruption.

Undoing The Years of Manufacturing Neglect

For many executives, the current push to bring production back to America comes after decades of decline. Bayard Winthrop, CEO of California-based apparel maker American Giant, described the past 40 years as an era in which U.S. manufacturing was not just ignored but actively undermined.

“You can absolutely — particularly in knitwear — make very high-quality, very large volume knitwear in the United States,” Winthrop said. “They’ve just forgotten how to do it.”

American Giant’s model, like Darn Tough’s, relies on deep investment in U.S. supply chains and labor. But unlike multinationals that can shift supply networks around the globe, these companies are locked in, by choice and conviction, to the U.S. economy.

That commitment is starting to pay off. Darn Tough’s socks, which retail for around $25 a pair, may seem expensive next to $3 wool socks on Amazon. But with imported goods facing potentially higher tariffs, that price gap is narrowing. What once seemed like a niche product for quality-focused customers could soon be a mainstream buy for cost-conscious consumers.

A Long Road Back

Still, the CEOs agree: rebuilding America’s manufacturing base won’t happen overnight.

Cabot emphasized that making things domestically requires more than patriotic slogans — it requires time to train workers, develop supply chains, and build the kind of muscle memory that was lost when companies offshored en masse.

“We sort of jettisoned a whole demographic of people that worked in manufacturing,” Cabot said. “I just don’t see the reason why we can’t bring this back, but it’s going to take time.”

That time, and a predictable policy environment, are what leaders like Banta and Winthrop are now pleading for. They welcome the administration’s intent but worry about the execution.

“I don’t like the instability,” Winthrop said. “I certainly don’t think we ought to be treating our friendly allies, like Canada and Vietnam, the same way we’re treating China.”

He’s not alone in that concern. Many in the domestic manufacturing sector believe that while tariffs can be a useful tool, they must be deployed with precision. A blunt-force approach could hurt allies, drive up input costs, and make it harder — not easier — to build out U.S. capabilities.

Companies like Darn Tough, American Giant, and Decked are proving that American-made is viable. But they also serve as reminders that reshoring is a long game. It took decades to hollow out the industrial economy, and it will take more than tariffs and slogans to bring it back.

“The opportunity is real,” said Cabot. “But only if we’re serious about it — and only if we give it enough time to grow roots again.”

Binance in Talks With Multiple Governments and Sovereign Wealth Funds on Bitcoin Strategic Reserve

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Binance, the world’s largest cryptocurrency exchange, has been actively engaging with multiple governments and sovereign wealth funds to provide guidance on establishing strategic Bitcoin reserves and formulating cryptocurrency regulations. According to Binance CEO Richard Teng, in an April 17, 2025, interview with the Financial Times, several nations have approached the exchange for its expertise in navigating crypto-related initiatives, spurred by growing global interest in digital assets, particularly following the United States’ move to create a Strategic Bitcoin Reserve under an executive order signed by President Donald Trump on March 6, 2025.

Teng highlighted Bitcoin’s appeal as a neutral, borderless, and decentralized asset, which is seen as a hedge against inflation and geopolitical tensions. While specific countries were not named, nations like Pakistan and Kyrgyzstan have previously collaborated with Binance on crypto regulatory frameworks, though they have not confirmed plans for Bitcoin reserves. Binance’s advisory role marks a shift from its earlier “no headquarters” stance, as it now explores establishing a global base to align with its compliance-focused strategy.

This development reflects a broader trend of governments viewing Bitcoin as a potential strategic asset, driven by U.S. policy advancements and Binance’s expertise in the crypto space. However, concerns remain about Bitcoin’s price volatility and the implications of private exchanges influencing public financial policy. The implications of Binance advising global governments on strategic Bitcoin reserves and cryptocurrency regulations are multifaceted, spanning economic, geopolitical, and regulatory domains.

Governments adopting Bitcoin as a reserve asset could diversify their portfolios, hedging against inflation and currency devaluation, especially in countries with unstable fiat currencies. Bitcoin’s fixed supply (21 million coins) makes it an attractive “digital gold.” Increased governmental demand for Bitcoin could drive significant price appreciation, given its limited supply. However, this could exacerbate volatility, impacting retail and institutional investors.

Bitcoin’s price fluctuations pose risks to public treasuries. A sharp decline could lead to substantial losses, drawing scrutiny over the prudence of such reserves. Bitcoin’s decentralized and borderless nature could appeal to nations seeking financial autonomy, particularly those facing sanctions or geopolitical tensions. This could shift global financial power dynamics, reducing reliance on traditional reserve currencies like the U.S. dollar.

The U.S.’s Strategic Bitcoin Reserve may prompt other nations to follow suit to avoid falling behind in the digital asset race, potentially creating a “Bitcoin arms race” among sovereigns. Binance’s advisory role raises concerns about a private exchange shaping public policy, potentially prioritizing corporate interests over national ones.

Binance’s expertise could accelerate the creation of balanced crypto regulations, fostering innovation while addressing risks like money laundering and fraud. Countries like Pakistan and Kyrgyzstan have already benefited from such collaborations. Binance’s involvement with multiple governments could push for harmonized international crypto regulations, reducing regulatory arbitrage and enhancing cross-border cooperation.

Governments may face pressure to align with Binance’s compliance-driven approach, which could strain resources in smaller nations or conflict with local financial systems. Government adoption of Bitcoin could legitimize cryptocurrencies, boosting public trust and adoption but also sparking debate over speculative risks and environmental concerns tied to Bitcoin mining.

Binance’s growing influence in sovereign financial strategies may raise questions about transparency and accountability, especially given its past regulatory scrutiny. Establishing Bitcoin reserves requires robust cybersecurity and custodial solutions to protect assets, potentially straining governmental resources or increasing reliance on third parties like Binance.

Collaboration with Binance could drive technological advancements in blockchain and digital finance, positioning participating nations as crypto hubs. Binance’s role in advising governments on Bitcoin reserves could reshape global finance by mainstreaming crypto, but it introduces risks related to volatility, geopolitical shifts, and the influence of private entities in public policy. The success of these initiatives will depend on balancing innovation with robust risk management and transparent governance.

Russia is Pushing For Development of a National Stablecoin

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The Russian Finance Ministry is pushing for the development of a national stablecoin to reduce reliance on foreign-controlled digital currencies like USDT, following Tether’s freeze of over $27 million in assets linked to the sanctioned Russian crypto exchange Garantex. Osman Kabaloev, deputy head of the Ministry’s Financial Policy Department, emphasized the need for domestic alternatives, potentially pegged to non-dollar currencies, to enhance financial sovereignty amid Western sanctions.

The move comes as stablecoins gain global traction, with a market cap exceeding $200 billion in 2025. However, the Bank of Russia remains cautious, opposing crypto for domestic payments while allowing experimental use for international trade. No specific timeline or design for the stablecoin has been confirmed. A stablecoin could reduce Russia’s dependence on dollar-based systems like USDT, shielding its economy from Western sanctions and asset freezes, such as Tether’s $27M action against Garantex.

Pegging a stablecoin to non-dollar currencies (e.g., rubles or yuan) could align with Russia’s de-dollarization efforts, strengthening ties with allies like China and challenging USD dominance in global trade. A state-backed stablecoin would give Russia greater oversight of digital transactions, potentially curbing illicit activities but raising concerns about government surveillance and centralized control.

It could facilitate faster, cheaper cross-border payments, especially for trade with sanctioned nations, boosting Russia’s role in alternative financial networks. Stablecoins globally handle over $1T in annual transactions, indicating significant potential. The Bank of Russia’s skepticism about crypto in domestic markets may delay or limit the stablecoin’s adoption. Conflicting policies could create uncertainty for businesses and investors.

Success could inspire other nations to develop sovereign digital currencies, accelerating the fragmentation of global financial systems. However, failure—due to technical issues or lack of trust—could undermine confidence in Russia’s digital economy. Without clear regulation, a stablecoin could face volatility, mismanagement, or cyberattacks. Public trust hinges on transparency and stability, especially if pegged to the ruble, which has faced depreciation pressures. The outcome depends on execution, international acceptance, and Russia’s ability to navigate internal and external challenges.

Russia’s proposed stablecoin, potentially pegged to the ruble or a non-dollar currency like the yuan, aims to bypass dollar-dominated crypto markets. This follows Tether’s freeze of $27M linked to the sanctioned Garantex exchange, highlighting vulnerabilities in relying on USD-based stablecoins. The digital yuan (e-CNY) is used in pilot programs for domestic and cross-border payments, with trials in Hong Kong and Belt and Road countries to reduce dollar use in trade.

The digital rupee, launched in 2023, is being tested for wholesale and retail transactions, with plans to integrate it into trade with non-dollar partners. Digital currencies enhance transaction autonomy, but adoption requires trust, infrastructure, and international acceptance. Russia’s stablecoin could face skepticism due to ruble volatility and sanctions. Countries settle bilateral trade in their own currencies or those of trading partners, avoiding the dollar as an intermediary.

Russia has expanded ruble-yuan trade with China, with over 50% of bilateral trade settled in non-dollar currencies by 2024. It also uses rubles in trade with India and Turkey, though imbalances (e.g., India’s rupee surplus) complicate scalability. Both nations have explored rupee-yuan trade to bypass the dollar, though progress is slow due to geopolitical tensions. Countries like Malaysia and Indonesia are increasing local currency trade to reduce dollar reliance in intra-regional commerce.

Local currency trade reduces exposure to dollar volatility and sanctions but requires swap agreements, stable currencies, and mutual trust. Russia’s sanctioned status limits partners willing to fully abandon the dollar. Central banks reduce USD holdings in favor of other currencies (e.g., yuan, euro), gold, or alternative assets to hedge against dollar-centric risks. Russia slashed USD reserves from 40% in 2014 to under 10% by 2024, boosting gold (25% of reserves) and yuan (30%). This followed U.S. sanctions freezing $300B of Russia’s foreign reserves in 2022.

Holds over $800B in non-dollar assets, including gold and euros, and promotes yuan internationalization. Increased gold reserves by 100 tons since 2020, diversifying from USD amid geopolitical uncertainties. Diversification reduces vulnerability to U.S. financial leverage but faces liquidity risks, as the dollar remains dominant in global markets (58% of foreign exchange reserves in 2025).

Countries develop payment systems and financial networks to bypass dollar-dominated infrastructure like SWIFT. Russia’s SPFS (System for Transfer of Financial Messages) handles 20% of domestic and select cross-border payments. It also joined China’s CIPS (Cross-Border Interbank Payment System) to settle yuan transactions. CIPS processes $15T annually, expanding yuan-based trade with Asia and Africa.

INSTEX (now defunct) was an attempt to facilitate trade with Iran, bypassing U.S. sanctions. Alternative systems enhance autonomy but lack the scale and interoperability of SWIFT (used in 80% of global transactions). Russia’s SPFS struggles with limited international adoption. Countries form alliances to promote non-dollar trade and investment, often through regional organizations. Russia leverages BRICS (Brazil, Russia, India, China, South Africa) to advocate for a common currency or settlement mechanism. In 2024, BRICS discussed a blockchain-based payment platform to reduce dollar use.

Promotes yuan and ruble trade among members like China, Russia, and Central Asian states. Latin American countries explore local currency trade to counter dollar dominance. Trade blocs foster cooperation but face challenges from differing economic priorities and U.S. influence over global finance. Countries price key exports (e.g., oil, gas, metals) in non-dollar currencies to weaken the dollar’s role in global markets.

Russia sells oil to China and India in yuan and rupees, respectively, with 70% of its energy exports non-dollar-based by 2025. It also explores crypto-based commodity trading. Considered yuan-based oil sales to China, though still predominantly dollar-based due to petrodollar agreements. Iran: Trades oil in euros and yuan to evade U.S. sanctions.

Non-dollar pricing disrupts the petrodollar system but risks alienating dollar-reliant buyers. Russia’s shift has gained traction but is limited by global dollar preference in energy markets. U.S. sanctions, like those freezing Russia’s reserves or targeting Iran, push countries to seek alternatives to avoid financial isolation. Reducing dollar reliance counters U.S. influence over global finance, appealing to nations like Russia and China.

Diversifying from the dollar mitigates risks from U.S. monetary policy (e.g., interest rate hikes) and dollar volatility. Local currency or digital currency transactions can lower costs and speed up cross-border payments compared to dollar-based systems. The USD accounts for 58% of global forex reserves, 88% of SWIFT transactions, and 50% of cross-border loans in 2025. Its liquidity and stability are unmatched.

Global reliance on dollar-based systems (e.g., SWIFT, Wall Street) creates inertia, discouraging adoption of alternatives. Non-dollar currencies like the ruble or yuan face volatility or convertibility issues, undermining confidence. For example, the ruble lost 20% of its value in 2022. U.S. retaliation (e.g., secondary sanctions) deters countries from fully embracing de-dollarization. Alternative systems like SPFS or CIPS lack the scale, security, and global reach of dollar-based networks.

State-backed stablecoins or CBDCs may face skepticism due to government control, especially in authoritarian regimes like Russia. Russia’s stablecoin proposal aligns with its broader de-dollarization strategy, driven by sanctions and geopolitical tensions. Key factors shaping its success include: The stablecoin must be secure, scalable, and interoperable with global systems. Russia’s blockchain expertise (e.g., Garantex) could help, but sanctions limit access to advanced tech.

Convincing partners like China or India to accept a ruble-pegged stablecoin is critical. China’s digital yuan may overshadow Russia’s efforts. The Bank of Russia’s cautious stance on crypto could delay implementation or restrict the stablecoin’s domestic use. Rising de-dollarization efforts (e.g., BRICS, SCO) provide momentum, but the dollar’s entrenched role means progress will be gradual.

Widespread de-dollarization could split global finance into competing blocs, increasing transaction costs and economic inefficiencies. While not imminent, sustained efforts could erode the USD’s dominance, impacting U.S. ability to impose sanctions or finance deficits. Stablecoins and CBDCs could accelerate de-dollarization by offering scalable alternatives, but regulatory divergence (e.g., U.S. vs. Russia) complicates global adoption.

De-dollarization strengthens non-Western alliances, potentially reshaping global trade and power dynamics. Russia’s stablecoin initiative is a strategic move within its de-dollarization agenda, complementing efforts like local currency trade, reserve diversification, and alternative financial systems. While promising, it faces significant hurdles due to the dollar’s dominance, Russia’s economic challenges, and global skepticism.