De-dollarization Myths and the Reality of SWIFT
How student fintech researchers view the future of global settlements behind the headlines.
Words by
Marcus Vane — University of Chicago
Every quarter brings a fresh round of headlines announcing the imminent demise of the dollar. Every quarter, the underlying plumbing tells a different story.
SWIFT is not the dollar system, and the dollar system is not SWIFT — but the two are entangled in ways that make rapid substitution far harder than the rhetoric implies.
Bilateral local-currency settlement is real, growing, and still a rounding error in aggregate cross-border flow.
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