At the heart of this transformation lies a review by central banks of what can be called the 'currency trinity': liquidity, safety, and options. The dollar remains at the core of world trade, capital markets, and liquidity financing. What is changing is not its position, but the degree of its monopoly on that position. The discourse on 'de-dollarization' has intensified in recent years, to the point where the world seemed to be on the brink of a financial break with the US currency. However, this perception, in its essence, is exaggerated. What we are witnessing is not a sudden collapse of the dollar's dominance, but a slow, structural drift in the structure of the global monetary system—a quiet rebalancing in reserve management, settlement structures, and the distribution of investment portfolios. In terms of
