"93% of EAEU Trade Now in Non-Dollar Currencies, Challenging U.S. Dollar Dominance"

# Global Payment System Dominated by US Dollar Faces Challenges as Local Currencies Gain Traction The dominance of the US dollar in the global payment landscape is facing increasing opposition. Russia recently disclosed that 93% of trade within the Eurasian Economic Union (EAEU) is now conducted in local currencies, signaling a significant shift away from dollar dependence. Meanwhile, Bitcoin(BTC) remains above $100,000 for nine consecutive days, highlighting growing demand for alternative assets. # EAEU Boosts Local Currency Transactions, Marking "De-Dollarization Bloc" Progress On May 17, Dmitry Volvach, Russia’s Deputy Minister of Economic Development, announced during the "Russia–Islamic World: Kazan Forum" that 93% of intra-EAEU trade transactions are settled in national currencies like the Russian ruble. This marks a sharp increase from 70% in 2015, reflecting a more than 23-percentage-point rise over eight years. Volvach stressed that "trade settlement currencies cannot be forced," adding that member countries are "selecting national currencies over the dollar based on market logic and tangible benefits." The EAEU includes Russia, Armenia, Belarus, Kazakhstan, and Kyrgyzstan. Currently, over 95% of Russia-Belarus trade and 91% of Russia-CIS (Commonwealth of Independent States) trade are conducted outside the dollar. Last year, total CIS trade volume surpassed 10 trillion rubles ($124 billion). # BRICS Accelerates De-Dollarization, Expanding Local Currency Settlements The Kazan Forum, a notable multilateral economic event with participants from over 100 countries, also included expanded BRICS member nations such as Egypt, the UAE, Iran, and Indonesia. BRICS countries—especially Russia, China, and India—are pushing initiatives aimed at reducing reliance on the US dollar. These include alternative systems to the SWIFT global payments network and expanded currency swap agreements. Experts believe these developments are fostering a multi-polar financial order. Analysts argue that, driven by fears of Western financial sanctions, the global shift towards "de-dollarization" has evolved from a trend to a structural change. # Bitcoin’s Influence Amid the De-Dollarization Trend As nations enhance local currency usage and develop non-dollar-centric economic frameworks, interest in Bitcoin(BTC) as an alternative asset continues to grow. As of May 18, 12:00 a.m. KST, Bitcoin was priced around $103,000 on Binance. Concurrently, BTC traded in the upper 140 million KRW range on South Korea’s Upbit exchange. These trends illustrate a transforming global financial environment where reliance on the US dollar is diminishing, local currency systems are gaining strength, and cryptocurrencies like Bitcoin are emerging as credible alternative assets.