The BRICS nations have launched BRICS Pay, a cross-border payment platform that integrates Brazil's PIX instant payment system with cryptocurrency rails. The initiative aims to reduce dependence on the SWIFT network and USD-dominated settlement systems.
PIX Goes Global
Brazil's PIX system, which processes over 4 billion transactions monthly domestically, is now being adapted for international use through the BRICS Pay framework. The integration enables near-instant cross-border payments between BRICS member nations at significantly lower costs than traditional bank transfers.
Crypto as a Bridge
The platform uses stablecoins and central bank digital currencies (CBDCs) as bridge assets for currency conversion, eliminating the need for correspondent banking relationships. This approach reduces settlement times from days to minutes and cuts transaction costs by up to 80%.
Implications for the Market
The launch signals a growing trend of national payment systems integrating with crypto infrastructure. For Brazilian users of ON3X, the PIX integration feature becomes even more valuable as cross-border crypto flows between BRICS nations are expected to grow significantly. ON3X's PIX on-ramp allows users to seamlessly move between the traditional Brazilian payment system and the crypto ecosystem.