For nearly a century, the US dollar has been the undisputed ruler of global trade. Since World War II, it has served not only as the primary medium for international transactions but also as the world’s dominant reserve currency. From crude oil and raw materials to foreign exchange reserves, the world revolved around the greenback.
Today, roughly 80 percent of global trade still flows through the US dollar. Yet cracks are beginning to show in that dominance — not according to conspiracy theorists, but according to respected financial voices like Joyce Chang, chair of global research at JP Morgan. Her message is clear: the dollar may endure, but its influence is waning.
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A Bold Move: Eleven Countries Announce Departure from the Dollar
Who’s Leaving the Dollar Behind?
A group of eleven nations, primarily members of the Commonwealth of Independent States (CIS) — composed of many former Soviet republics — has announced that beginning in 2025, they will no longer rely on the US dollar for international transactions. These countries include:
- Armenia
- Azerbaijan
- Belarus
- Kazakhstan
- Kyrgyzstan
- Moldova
- Russia
- Tajikistan
- Turkmenistan
- Uzbekistan
- Ukraine
Yes, even Ukraine — despite its ongoing conflict with Russia — is part of the group. In this case, shared economic strategy trumps political enmity. Their unified goal is clear: reduce dependence on Washington and reinforce their financial sovereignty.
Why Is This Shift Happening Now?
A Mix of Politics, Strategy, and Technology
The decision to ditch the dollar doesn’t come out of nowhere. It’s the result of years of watching and learning, especially from Russia, which has been steadily distancing itself from dollar-based trade since 2014.
These countries are also equipped with the tools to go it alone. Advancements in digital currencies, the rise of bilateral trade agreements, and the development of alternative payment platforms make it easier than ever to bypass the dollar.
This is more than just a financial move — it’s a geopolitical statement.
What This Means for the Global Economy
A Quiet but Powerful Shift
This change doesn’t just impact currencies — it’s about rewriting the rules of engagement in global economics. By stepping away from the dollar, these nations are also stepping away from US financial oversight and influence.
This shift allows them to:
- Close deals without involving US banks
- Minimize exposure to American sanctions
- Increase control over their economic policies during global disruptions
In essence, this is about sovereignty. The less tied their economies are to Washington, the more room they have to maneuver on their own terms.
Implementation: A Gradual Transition
The move away from the dollar won’t happen overnight. These countries are planning a phased transition starting in mid-2025, with financial institutions already laying the groundwork.
International trade will slowly shift toward local currencies, and while the dollar won’t disappear from these economies right away, its role will diminish significantly over time.
Will Citizens Feel the Change?
Yes, but not immediately. For the average person, the most noticeable shift will be in how banks and governments conduct international business — with a greater emphasis on local currencies rather than dollars.
Over time, however, this could reshape entire financial systems. More independence may bring more control — but also greater responsibility. A country no longer shielded by a dominant currency like the dollar must manage its own risks more carefully.
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The Bigger Picture: A Tectonic Shift in Global Power
The dollar still has strength — no one’s arguing that point — but its symbolic crown is starting to wobble. When eleven countries decide to step away in unison, it signals something far more profound than a policy change. It reflects a world that is realigning, where multipolar power structures are replacing old certainties.
We’re not witnessing the collapse of the dollar. But we may be witnessing the end of its unchallenged supremacy. And that could mark the beginning of a very different global economic era — one where power is more evenly distributed, and the rules are being rewritten without American ink.