#CEXvsDEX101 While geopolitical rivalries are rekindled, dedollarization once again imposes itself as a lever of monetary sovereignty. For a long time a standard-bearer of this ambition, the BRICS seemed to want to challenge the economic order dominated by Washington. However, a strategic repositioning of Brazil, an influential member of the bloc, disrupts this trajectory. By discarding the idea of a common currency, the country is reshuffling the cards of an already weakened project, revealing the limits of monetary coordination in the face of the reality of economic power relations.