Since the end of World War II, the US dollar has been the world’s dominant currency for the pricing of global commodities, payments in international trade, and cross-border finance and investment. That dominance has been rooted in the prudence and predictability of US policies; the safety and depth of US capital markets, especially for Treasuries; the rule of law; the dynamism of the US economy; and the nation’s strong allegiances with other Western liberal countries (Kamin and Sobel, 2024). In