The stability of the U.S. dollar increasingly depends on a narrow and highly leveraged technological core, while the Global South is steadily constructing monetary escape routes built around the RMB, gold, CIPS and BRICS mechanisms. The issue is no longer replacement, but the erosion of unquestioned dominance.
“The dollar’s dominance will not last forever. It is a question of how fast the alternatives develop and how the United States responds.”
— Barry Eichengreen
I. The Fragility Behind U.S. Dollar Power
For most of the post-Cold War era, the dollar rested on three foundations: deep liquidity, safe-asset status, and global demand for U.S. debt. While these remain intact, their structure is shifting.
Today, U.S. equity performance—and global appetite for dollar-denominated assets—is disproportionately driven by a technological oligopoly. Seven firms (Nvidia, Apple, Microsoft, Alphabet, Amazon, Meta and Broadcom) now account for roughly one-third of U.S. market capitalization. According to data