How many years have we been calling for de-dollarization? The data doesn't lie~

The latest SWIFT data directly refutes that: in March, the global share of US dollar payments was 51.14%, reaching a new high since 2023~
From 49.25% in February, nearly a 2 percentage point increase in one month~
Is it ironic? Extremely ironic~
Iran demands to pay tolls using cryptocurrencies and the Chinese yuan, the UAE withdraws from OPEC, BRICS countries loudly advocate de-dollarization, and central banks quietly reduce their US debt holdings... Everyone is announcing the death of dollar hegemony~
Then SWIFT data comes out, and the dollar’s share actually hits a new high~
The reason is actually simple: the more chaotic, the more the dollar is needed~
When geopolitical risks erupt, the first reaction of global funds is to flee into the dollar for safety, not into the yuan, not into the rupee, and certainly not into some multi-polar currency basket~ This is a conditioned reflex built over decades, not something that can be rewritten by one or two wars~
But here’s a subtle paradox—
The stronger the dollar, the not necessarily the stronger the US, sometimes it’s the chaos elsewhere in the world that’s increasing~
The Hormuz blockade, Middle East conflicts, global supply chain disruptions—these crises are pushing up the dollar’s share while also eroding the globalization foundation that the dollar system relies on~
Short-term data shows the dollar’s victory, long-term trends are a stress test for the entire system~
#美元 #SWIFT #去美元化 #Macroeconomic Game
Global major payment currencies ranking (March 2026):