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"The USD is unlikely to lose its global reserve status anytime soon ? new currency unions should look to technology or green baskets, rather than gold- or carbon-based ones," said Bob Savage, head of markets, strategy and insights at Mellon wrote.

The short answer is yes. There has been increasing talk of the BRICS nations (Brazil, Russia, India, China and South Africa) developing a new currency that will rival the US dollar as the global reserve standard.

The FedNow Service is neither a form of currency nor a step toward eliminating any form of payment, including cash. The Federal Reserve has made no decision on issuing a central bank digital currency (CBDC) and would only proceed with the issuance of a CBDC with an authorizing law.

The US dollar's role continues to be central to the functioning of the international financial system. The Bank of International Settlements estimates that the US dollar is involved in almost 90 per cent of foreign exchange transactions and accounts for 85 per cent of transactions in spot, forward and swap markets.

The fluctuating value of the U.S. dollar and what it means for investors. After reaching parity with the euro in 2022, the U.S. dollar weakened modestly in 2023, but has stabilized in recent months. The dollar has also lost ground against other currencies.

It's unlikely that the world will wake up one day with dollars no longer holding international appeal. Rather, in examples such as the British pound, there was a multi-decade process by which it went from the center of world economics to a second-tier currency.

The United States Mint defines currency as money in the form of paper and coins that's used as a medium of exchange. 6 Currencies are created and distributed by individual countries around the world.