Still the One? Can the U.S. Dollar Remain the World's Reserve Currency?

The U.S. dollar has long been the bedrock of global trade, investment, and reserve strategy, but cracks are starting to show. From BRICS nations promoting alternative payment systems to central banks in Asia and the Gulf trimming their dollar holdings, momentum is building for a more multipolar currency regime. As Washington increasingly uses the dollar as a geopolitical lever—imposing sanctions, freezing assets, and enforcing capital controls—some allies and rivals alike are hedging their bets. Meanwhile, China is quietly expanding the renminbi’s reach through oil deals, digital infrastructure, and Belt and Road partnerships. Will the greenback remain the world’s most trusted currency or are we entering a new era where financial power is far more diffused?