The BRICS bloc, comprising Brazil, Russia, India, China, and South Africa, recently took several initiatives to challenge the U.S. dollar’s wide dominance in international trade and finance. The main reason behind their de-dollarization effort is Bloc members' frustration with the dollar-based international monetary system, which grants the United States significant economic and political leverage while exposing other nations to vulnerabilities like currency fluctuations and sanctions. This thesis aims to critically evaluate the capability of BRICS and the credibility of their proposed common currency as an alternative to the dol-lar. While the idea of a BRICS currency potentially modelled after the Euro aims to enhance financial independence and reduce reliance on the dollar, significant economic, structural, and institutional hinder BRICS initiatives. This thesis also explores disparities in economic power, geopolitical tensions, and the lack of unified fiscal and monetary policies within BRICS.

Despite BRICS efforts, structural reforms, institutional limitations and inadequate operations make de-dollarization doubtful. This thesis argues that BRICS initiatives will fail to replace the dollar, whose dominance is supported by stability, liquidity and global trust.