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You can't replace the dollar, but here are 5 alternative assets that are chipping away at the greenback's supremacy

Huileng TanMay 18, 2023, 13:51 IST

The US dollar is the world's most dominant reserve currency.CFOTO/Future Publishing/Getty Images

Amid the de-dollarization debate, countries are lining up backup reserve currencies for trade and payments.
Sanctions against Russia sound a cautionary tale over the power Washington — and the USD — wields.

The dollar isn't going away, but other assets classes are slowly chipping away at its dominance.

The US dollar is the world's top reserve currency — by far.CFOTO/Future Publishing via Getty Images

1. Beijing has big ambitions for the Chinese yuan.

The Chinese yuan is being used in some trade with sanctioned countries like Russia.Telegraph

2. Gold is making a comeback as a store of value.

Gold prices have gained amid the de-dollarization movement.Filograph/Getty Images

3. Digital currencies and crypto are eyeing a slice of the USD pie.

Digital currencies like Bitcoin are also contenders for dollar's dominance.Photo by Getty Images

4. The euro is already the world's second most commonly held reserve currency.

The euro is already one of the world's top reserve currencies — at least one European leader isOwen Franken/Getty Images

5. The emerging BRICS nations are eyeing a common currency.

Leaders of BRICS countries — Chinese President Xi Jinping, Russian President Vladimir Putin, former Brazilian President Jair Bolsonaro, Indian Prime Minister Narendra Modi, and South African President Cyril Ramaphosa — at the BRICS summit in Osaka, Japan, on June 28, 2019.Sputnik/Alexey Nikolsky/Kremlin via Reuters

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