The U.S. Treasury is asserting its stance on cross-border payment systems, emphasizing that systems failing to meet U.S. expectations could harm global markets and economic security. This comes as countries in the BRICS+ alliance aim to develop their own payment systems to bypass Western platforms like SWIFT, a move that the U.S. is not supportive of. The Treasury wants to maintain the dollar's dominance in global finance and argues that U.S. leadership in setting payment standards benefits everyone. They also seek to tighten regulations on stablecoins and nonbank payment services. Russia and China are actively pushing for alternative financial systems that reduce U.S. dominance and protect against sanctions, while blockchain and cryptocurrencies challenge the dollar's status as the global reserve currency. The U.S. wants to modernize its payment networks and ensure the dollar remains at the center of global finance.



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