At present roughly 67 percent of all U.S. dollars in circulation are overseas or held by those with a foreign address. This reality is necessitated by the fact that for good or bad, the dollar is the world’s currency.
Considering the trading markets for currencies themselves, the dollar figures in 90 percent of those transactions, nearly 70 percent of global central bank holdings are denominated in dollars, and with cross border trade in mind for individuals in countries with thinly traded currencies, the dollar is the go-between currency of choice 90 percent of the time. So while there are myriad currencies around the globe, the unit of account utilized for trade and investment, not to mention the benchmark money concept against which all other currencies are measured remains the dollar. Much of the world is dollarized no matter the currency used locally.
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