When you fill up your gas tank, buy imported goods, or hear about global trade agreements, chances are US dollars are involved, one way or another. Since World War II, the dollar has been the world’s reserve currency, the medium of commerce that underpins oil markets, trade settlements, central bank holdings, and more. But perhaps you’ve seen the “D” word circulating in the news lately: de-dollarization. Or, stripping back the jargon, the idea that countries are gradually reducing their reliance on the dollar. Will the dollar always hold the privileged position of reserve currency, or could another currency — fiat or digital — eventually take its place? The Dollar’s Current Dominance For all the talk of alternatives, the US dollar is the backbone of global finance. By most measures, no other currency comes close. Global reserves: According to the International Monetary Fund, roughly 58% of the world’s foreign exchange reserves are held in dollars. The euro is a distant second at about 20%. Trade and commodities: The dollar is the default currency for most international trade. Oil, gold, and other major commodities are priced in