The U.S. dollar has become America’s most lucrative “export.”
By early 2025, an estimated $1.05 trillion in U.S. banknotes were circulating abroad, nearly half of all U.S. currency outstanding.Foreign demand has expanded rapidly over the decades, climbing from just $5.4 billion in 1970 to over a trillion today.Growth was especially sharp between 2008 and 2021, when overseas holdings swelled by $700 billion, peaking in 2020 with a record $121 billion jump during the pandemic.Since 2022, however, that appetite has leveled off, with digital payments and crypto beginning to displace the role of physical dollars overseas.Is this plateau the start of a long-term decline in the dollar’s dominance abroad?Source: StockMarket.News
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