Three members of the Brazil, Russia, India, China and South Africa (BRICS) economic bloc are dumping tens of billions of dollars in US treasuries.
According to U.S. Treasury International Capital (TIC) System data, China offloaded $75.5 billion in US treasuries between December of 2024 and December of 2025, a reduction of approximately 10%.
India’s US treasury holdings, on the other hand, fell by $36.2 billion in the 12 months, an 18% year-over-year decrease.
Meanwhile, Brazil cut its US treasury holdings by $32.9 billion, a reduction of roughly 16%.
The updated data comes as ING, the 35th largest bank in the world by total assets, warns of the erosion of the US dollar’s status as a global safe haven.
ING says that in 2025, the US dollar “lost a big chunk of its safe haven value” relative to 2024. According to ING, the US dollar will continue to decline in 2026, especially relative to the euro.
“Our baseline view for the dollar is a bearish one for the remainder of 2026. USD hedging should keep up at a good pace thanks to lower front-end rates (we expect two Fed cuts this year), and a slowdown in US growth in the second half of the year will, in our view, coincide with upbeat eurozone figures, lifting EUR/USD.
We don’t expect this year’s dollar decline to match 2025’s in magnitude, but the concentration of risks in the US – from equity valuations to fiscal and political risks ahead of the midterm elections – means the risks remain on the downside for the greenback. We target 1.22 in EUR/USD by year-end.”
EUR/USD is trading at approximately $1.18 at time of writing.
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