Due to the recent geopolitical events and the way they are unfolding, there is a trend of de-dollarization that has started and will probably strengthen in the following months and years. Recent comments by the Saudi foreign minister, are showing the intention of Saudi Arabia of starting trade of oil using currencies other than the US dollar. Also, the United Arab Emirates (UAE) are looking for non-dollar trade for oil. Russia and Iran are considering the use of stablecoins for foreign trade settlements.
A factor driving de-dollarization is the perceived instability of the US dollar. In recent years, there have been concerns about the ability of the US to maintain the value of its currency, particularly in light of the large trade deficits and federal budget deficits that the country has been running. Some countries have become concerned that the dollar may lose value over time, and have sought to reduce their exposure to it by diversifying their reserves into other currencies.
De-dollarization can have various implications on the global economy. It could reduce the dominance of the US dollar and the power of the US in the global financial system. It can also result in increased volatility in currency markets and could lead to increased competition among currencies. Moreover, it may also lead to a loss of seigniorage revenue for the US as well as increase the risk of currency crisis.
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