Dedollarization
mechanismMoney & Finance
A quiet effort to move global trade off the US dollar is real and growing — but it keeps hitting a wall.
Who they are
'Dedollarization,' the trend of countries reducing reliance on the US dollar, centered on the mBridge payment system as an alternative to SWIFT[1].
What they do
The engine treats it as a real, structural shift, not just talk.
How it works
mBridge has handled $55.5 billion in cumulative volume across 4,000-plus cross-border transactions at about half the usual cost; the dollar's share of reserves has slipped from about 72% to 58% since 2000, and central banks held roughly 863 tons of gold in 2025.
Why it matters
The engine holds both sides at once: the move away from the dollar is genuine BUT bounded — the Chinese yuan is still only about 5% of global trade and Foreign Policy reported the push 'hit a wall,' so this is real but not the death of the dollar.
The engine's record — word for word
mBridge as SWIFT alternative. $55.5B cumulative volume. 4,000+ cross-border transactions. ~50% cost reduction. Structural, not rhetorical. [Live pass Jul 1] (Live Jul 1) TENSION (held two-sided): the shift is real (dollar reserves ~72%->58% since 2000; central banks ~863t gold in 2025; PBOC yuan-internationalization blueprint Jun 17) BUT stalling — Foreign Policy (Jun 24) reports the drive 'hit a wall,' RMB only ~5% of global trade. Real but bounded, not dollar-death (distributed_control_not_totalizing).
Follow the trail
Walk this on the live map →