🇺🇸 USD dominance is alluring, accounting for ≈70% of currency usage worldwide

even countries that do relatively little trade with US have most of their transactions done in US dollars

ex: 🇮🇳 India invoices 86% of its exports in USD, while only 15% of its exports being to US

the 70% USD dominance here is as calculated by the Fed across the chosen 5 chosen buckets - with the end result being a weighted composite measure

so don't read this as a literal 70% of all cross-border transactions