随着国家寻求替代绿背的替代方案，美元的统治地位正面临越来越大的审查

尽管该国约占全球GDP的25％，但其货币占全球外汇储备的近60％。

The US dollar has long reigned as the world’s primary reserve currency and the default choice for global trade and international transactions. But its dominance is now facing growing scrutiny as shifting geopolitical and economic forces—and concerns over the potential weaponization of the greenback—push more countries to accelerate efforts to loosen their dependence on the dollar.

美元长期以来一直是全球主要储备货币以及全球贸易和国际交易的默认选择。但是，随着改变地缘政治和经济力量的转移以及对绿背的潜在武器化的关注，它的主导地位正面临着越来越多的审查。

By almost every measure, the US dollar’s command of the global economy is staggering. Although the country accounts for roughly 25% of global GDP, its currency reigns over nearly 60% of global foreign exchange reserves—far outpacing its nearest rival, the euro.

几乎每种措施，美元对全球经济的指挥都令人震惊。尽管该国约占全球GDP的25％，但其货币占全球外汇储备的近60％，超过其最近的竞争对手欧元。

But this dominance is increasingly under pressure, with the strategic use of economic sanctions in the past leading some countries to seek alternatives, even as US President Donald Trump regularly threatens 100% tariffs on countries that actively try to substitute the greenback.

但是，这种统治地位越来越在压力下，因为过去的经济制裁战略利用经济制裁导致某些国家寻求替代方案，即使美国总统唐纳德·特朗普（Donald Trump）经常威胁到积极试图代替绿背的国家100％关税。

In Russia, whose access to the SWIFT payment platform is crippled by sanctions, companies have been using cryptocurrencies as a means to skirt restrictions, turning to Bitcoin and other digital assets to conduct cross-border business. While crypto was barred as illegal by the country's central bank years ago, recent changes to the regulation have paved the way for corporations to embrace cryptocurrencies since late last year.

在俄罗斯，俄罗斯的访问Swift支付平台被制裁所削弱，公司一直在使用加密货币作为限制限制的手段，转向比特币和其他数字资产进行跨境业务。几年前，加密货币被该国中央银行被禁止为非法，但该法规的最新变化为公司以来，自去年年底以来就为接受加密货币铺平了道路。

The country permitted the use of cryptocurrencies in foreign trade and has taken steps to make it legal to mine cryptocurrencies, including Bitcoin.

该国允许在外贸中使用加密货币，并采取了措施使包括比特币在内的加密货币合法。

Bitcoin, sanctions and the push for dedollarization

比特币，制裁和推动脱衣化的推动力

Since Bitcoin's inception, crypto advocates have been fixated on "dedollarization," often described as the push to reduce the US dollar's dominance as the global reserve currency. The term broadly refers to moving away from the dollar in key financial and trade activities, including oil and commodity transactions (the petrodollar system), foreign exchange reserves, bilateral trade agreements, and investments in dollar-denominated assets.

自比特币的成立以来，加密宣言一直被固定在“ dedolarization”上，通常被描述为减少美元作为全球储备货币的统治地位的推动力。该术语广泛地指在关键的金融和贸易活动中偏离美元，包括石油和商品交易（石油公司），外汇储备，双边贸易协定以及以美元计价的资产进行投资。

A 2024 paper by Morgan Stanley's head of Digital Asset Markets, Andrew Peel, suggested that the rise of digital currencies presents "opportunities to both erode and reinforce" the US dollar's dominance, with the potential to significantly alter the global currency landscape.

摩根士丹利（Morgan Stanley）的数字资产市场负责人安德鲁·皮尔（Andrew Peel）的一份2024年的论文表明，数字货币的上升为“侵蚀和增强的机会”提出了美元的统治地位，有可能显着改变全球货币景观。

Still, while digital assets—most notably stablecoins— are increasingly gaining traction, the crypto market's dedollarization expectations look premature.

尽管如此，尽管数字资产（尤其是稳定的资产）越来越多地吸引人，但加密市场的脱发期望看起来还为时过早。

While Bitcoin is increasingly seen as a strategic reserve asset, experts caution that it's still too soon to call it a true alternative to the US dollar. Countries like El Salvador have embraced Bitcoin aggressively, with the asset now making up about 15% to 20% of the nation's total reserves. The US has reportedly considered similar moves, but widespread adoption remains limited, and questions persist about whether such steps would undermine the dollar rather than support it.

尽管比特币越来越被视为一种战略储备资产，但专家警告说，将其称为美元的真正替代方案还为时过早。像萨尔瓦多（El Salvador）这样的国家已经积极接受比特币，现在资产约占该国总储量的15％至20％。据报道，美国已经考虑了类似的举动，但是广泛采用仍然有限，并且有关这种步骤是否会破坏美元而不是支持这一步骤的问题。

According to Bitcoin Depot CEO Brandon Mintz,

根据比特币仓库首席执行官布兰登·明兹（Brandon Mintz）的说法

Currently, Bitcoin acts more like a hedge and a store of value than a dollar replacement, but its role could shift as global financial dynamics evolve. Factors like inflation and geopolitical tensions, Mintz said, could drive more interest.

目前，比特币的行为更像是对冲和价值的储存，而不是一美元的替代品，但是随着全球金融动态的发展，其作用可能会改变。明茨说，通货膨胀和地缘政治紧张局势等因素可能会引起更多的兴趣。

While institutional adoption and cross-border use are on the rise, Mintz said that it remains to be seen “whether Bitcoin can genuinely challenge the dominance of the dollar as this will depend on how these trends develop over time.”

Mintz表示，尽管机构采用和跨境使用正在上升，但仍有待观察的是：“比特币能否真正挑战美元的主导地位，因为这将取决于这些趋势随着时间的流逝的发展。”

Related: 3 reasons why Bitcoin sells off on Trump tariff news

相关：比特币在特朗普关税新闻上售出的3个原因

Despite its growing appeal, Bitcoin's volatility remains a significant challenge. According to the World Gold Council, Bitcoin exhibits considerably higher volatility than gold and shows a greater correlation with Nasdaq tech stocks than with traditional safe-haven assets.

尽管吸引人的吸引力越来越大，但比特币的波动仍然是一个重大挑战。根据世界黄金委员会的数据，比特币的波动性比黄金高得多，并且与纳斯达克技术股票的相关性比传统的避风港资产更大。

Gold and major asset 5-year average daily volatility - annualized. Source: World Gold Council.

黄金和主要资产5年平均每日波动率 - 年化。资料来源：世界黄金委员会。

Eswar Prasad, a trade professor at Cornell University, told Cointelegraph,

康奈尔大学的贸易教授Eswar Prasad告诉Cointelegraph，

US dollar global foreign reserves decline

美元全球外国储量下降

Since the end of World War II, the US dollar has reigned as the world’s dominant currency, powering around 88% of global trade transactions in 2024.

自第二次世界大战结束以来，美元统治为全球的主要货币，在2024年为全球贸易交易的88％供电。

The dollar’s status as the leading international currency is well-established. According to the International Monetary Fund, as of the third quarter of 2024, central banks held about 58 percent of their allocated reserves in US dollars—much of it in cash and US bonds. This is significantly higher than the euro, second in the race, which accounts for as much as 20 of allocated foreign exchange reserves.

美元作为领先的国际货币的地位是良好的。根据国际货币基金的数据，截至2024年第三季度，中央银行以美元和美国债券的价格持有约58％的分配储量，其中包括现金和美国债券。这显着高于欧元，第二次比赛中的第二个分配的外汇储备。

Allocated foreign exchange reserves by central banks. Source: International Monetary Fund

中央银行分配的外汇储备。资料来源：国际货币基金

While the US dollar remains the dominant global currency due to its stability, widespread acceptance in international trade and finance, and status as a key reserve asset for central banks, there are signs that its reign may be waning. The percentage of global foreign exchange reserves held in dollars has diminished from over 70% in the early 2000s to below 60%.

尽管美元由于其稳定性，在国际贸易和金融方面的广泛接受以及作为中央银行的主要储备资产的地位而成为全球货币，但有迹象表明其统治可能正在减弱。以美元持有的全球外汇储备的百分比从2000年代初的70％降至低于60％。

Percentage of global FX reserves held in US dollars. Source: International Monetary Fund

以美元为单位的全球FX储备的百分比。资料来源：国际货币基金

The turning point came after February 2022 when the US froze $

转折点是在2022年2月之后的美国冻结$