by SULEYMAN KARAN
A coordinated rebellion is quietly reshaping global finance – one that aims not just to escape dollar tyranny, but to bury it.
“American hegemony helped provide public goods: open sea lanes, a stable financial system, collective security, and support for frameworks for resolving disputes … We participated in the rituals and largely avoided calling out the gaps between rhetoric and reality … This bargain no longer works. Let me be direct: we are in the midst of a rupture, not a transition.” – Canadian Prime Minister Mark Carney, special address at the World Economic Forum (WEF), Davos 2026
The era of the dollar’s unchallenged global supremacy is fraying at the edges. What was once a cornerstone of global finance and trade is now a contested domain, as a growing number of states search for alternatives to the currency long used to enforce western diktats. The US dollar’s centrality to cross-border transactions and its role as the world’s reserve currency are no longer guaranteed – and this shift is no longer theoretical.
For decades, the dollar served as a universal medium of exchange, store of value, and unit of account. But these benefits came with steep costs. The system’s dependence on a single state’s policies and its reliance on intermediary conversions generated layers of risk and friction. Today, those risks have become obstacles to the expansion of global trade. And as emerging economies gain confidence and weight, Washington is being forced to cede its monetary throne.
The dollar still reigns, but its grip is loosening
The dollar continues to dominate cross-border transactions, whether in current accounts or financial markets. It remains a trusted store of value for both institutional investors and individuals. But the tide is turning. Since the onset of the COVID-19 pandemic, central banks and private capital have steadily reduced their dollar holdings, redirecting value into gold and other tangible assets.
While the dollar is still used for standardizing global accounting, the utility of artificial intelligence (AI) and technological innovation now allows for currency baskets – like those composed of the BRICS nations (Brazil, Russia, India, China, and South Africa) – to easily substitute many of the dollar’s functions. In short, the era when no credible alternative existed is over.
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