The US dollar has become a very controversial currency to explore at the moment. With Donald Trump leaving no stone unturned to strengthen the US economy, his idea of imposing tariffs on nations is backfiring, sparking trade war narratives to gain momentum. With this development, the dollar is losing its credibility at a rapid pace, with countries busy scurrying for alternatives. Here are three able US dollar alternatives that have been gaining widespread momentum, detailing the US dollar authority on a global pedestal.
Also Read: De-dollarization and the Digital Currency Battle: Why Gold-Backed Stablecoins Could Replace the USD
3 Leading US Dollar Contenders On The Rise
1. Cryptocurrencies Beating US Dollar
The US dollar is now facing stiff competition as alternative assets like cryptocurrency are regularly gaining traction at a global pace. One of the prime examples of this is Russia’s increased usage of cryptocurrencies such as Bitcoin, Ethereum, and stablecoins to evade the US sanctions imposed by the US.
Per global news, Russia has been using stablecoins, ETH, and BTC to transact with China and India, bypassing the US dollar usage.
This development, if it catches a global pace, may end up undermining the US dollar, jeopardizing its reserve currency status and eventually spearheading de-dollarization.
Russia is using Bitcoin, Ethereum, and stablecoins for oil trade with China and India to bypass sanctions. pic.twitter.com/NUwfzeXkgI
— Globe Eye News (@GlobeEyeNews) March 16, 2025
2. Gold
Gold has always been considered a safe haven asset when the world markets enter a volatile crisis mode. With Donald Trump’s newly launched tariff regimen, the nations are fearing a rising trade war phenomenon, which is weakening the US dollar. This is also a core reason why gold is gaining global traction, with its new prediction hinting at the yellow metal hitting $4000 in the near future.
The global banks are also busy diversifying their assets into gold, dumping the US dollar rapidly, which is raising alarm for the currency to deal with at the moment.
Also Read: Binance Declares 0% Trading Fees on Wallet Until September 2025
3. Alternate Currencies on the Rise
Deutsche Bank, the leading banking institution, has issued a stark report adding how the US dollar may lose its reserve currency status. The current financial dynamics are also pivoting towards a rising multipolar currency narrative, where local currencies are gaining momentum over US dollar usage. Currencies like the euro and yuan are giving stiff competition to the dollar, harming its prestige and battering the currency to hit a new low. If such dynamics continue to be in play, the US dollar may end up losing its influence globally very soon, resulting in de-dollarization.
“The majority of the decrease was driven by the euro, which strengthened 4.7% against the USD, its biggest rise since 2009. Even as the trade war has escalated, the US dollar is losing momentum. Another sign of a historic year ahead.”
The US Dollar is plummeting:
— The Kobeissi Letter (@KobeissiLetter) March 12, 2025
The US Dollar Index, $DXY, fell 3.5% last week, the second-largest drop since the 2020 pandemic.
The index is now on track for the third consecutive monthly decline.
The majority of the decrease was driven by the Euro, which strengthened 4.7%… pic.twitter.com/04IRAQDSM1
Also Read: Time To Exit Stocks? New Gold Prediction Claims XAU To Hit $4000
