The world of international trade is undergoing a revolution, as new technologies and global events disrupt traditional systems and practices. At the forefront of this change is the role of currencies, and in particular, the status of the US dollar as a global reserve currency and its domination of international trade settlements.

Back in 1944, the US dollar was established as the world’s reserve currency under the Bretton Woods Agreement. At the time, the US was one of the world’s largest economies, and it held significant amounts of gold reserves. The agreement established a fixed exchange rate system, with other currencies pegged to the US dollar, and the dollar itself pegged to gold.

This system worked well for a while, as the US dollar became a symbol of stability and reliability in the global economy. Countries around the world held US dollars as part of their foreign exchange reserves, and many commodities such as oil were priced in dollars. The US dollar became a dominant currency in international trade and investment, and it seemed like nothing could challenge its supremacy.