The Federal Reserve’s July 18, 2025 FEDS Note confirms the U.S. dollar remains the world’s leading international currency. In 2024, dollar holdings in foreign official reserves rose to 58 percent, and U.S. Treasury securities held by foreign investors totaled $9 trillion (32 percent of outstanding). Dollar banknotes abroad exceeded $1 trillion, and stablecoin market capitalization anchored to the dollar reached about $220 billion. The dollar dominates global trade invoicing, accounting for 96 percent of invoices in the Americas and 74 percent in Asia‑Pacific, and represents roughly half of all SWIFT payments. Swap lines and a foreign‑institution repo facility have helped maintain dollar liquidity during crises. While sanctions, EU fiscal integration, the Chinese renminbi, and digital currencies pose long‑term questions, the note expects dollar dominance to persist in the foreseeable future.
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https://www.federalreserve.gov/econres/notes/feds-notes/the-international-role-of-the-u-s-dollar-2025-edition-20250718.html
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