The US Dollar turns 241: How did it become the world currency?

The US dollar has turned 241 years old. On July 6, 1785, the Continental Congress declared it the country's official currency.

Today, the dollar holds a significant place not only in the US but also in the global economy. It is widely used in international trade agreements, interbank transfers, and state currency reserves.

According to current estimates, approximately 60 percent of the world's currency reserves are held in dollars. Nearly half of the operations in the SWIFT international payment system are also conducted through the US currency.

In recent years, some countries have been trying to expand trade in national currencies. Debates about dedollarization have also intensified. However, no other currency has yet fully replaced the dollar's position in the global financial system.

During economic crises and political instability, investors often choose the dollar as a relatively reliable asset. For this reason, the US dollar continues to maintain its status as a global settlement and reserve currency.