I noticed something interesting in the latest SWIFT reports. The dollar's share in global transactions just crossed a pretty impressive threshold: 50.5% in December. This is unprecedented since 2023, and it shows a notable acceleration compared to the 46.8% of the previous month.

What’s striking is that despite all the debates around trade policies and geopolitical uncertainties, the US dollar continues to strengthen its dominance. It can be said that the dollar’s share in global exchanges remains largely uncontested at this stage.

For context, the euro follows with about 22% of international transactions, then comes the British pound, the Canadian dollar, the yen, and the renminbi. But honestly, the gap between the dollar and the others is huge.

JPMorgan’s strategists point exactly to this: the dollar’s share in global exchanges shows no signs of weakness, even as central banks diversify their portfolios further. It’s also interesting to note that central banks are massively accumulating gold right now, with gold gradually becoming a more significant component of their reserves planned for 2025.

Looking at the overall picture, US monetary dominance remains stable despite everything, while some players are seeking to diversify their reserves. It’s a balance that could shift, but for now, the dollar rules the roost.