Headline : The Dollar Won, but Might the U.S. Lose Control of the Dollar?

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The dominance of the U.S. dollar is hard to overstate at the moment. It’s not just that the U.S. economy is on a roll. The U.S. dollar is the preferred choice for international business transactions at a level that’s even larger than the U.S. economic position.

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To put these two in perspective, the U.S. economy represents about 25% of global output – a level that has been stable for over 40 years (an astonishing achievement when you consider the rapid growth achieved in China, parts of Asia, and Eastern Europe). When it comes to global finance, though, the dollar is even more dominant than the U.S. economy.

The Bank of International Settlements estimates that the U.S. dollar is used in 90% of all international payments and settlements, with 40% of all trade invoiced in U.S. dollars. In the world of blockchain stablecoins, the U.S. dollar represents 99% of all global stablecoin transactions. (USDT and USDC, the leading players, are both USD-backed and based on Ethereum.)

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