At the 13th New Year’s online financial marathon, organized by Finversia together with the National Association of Financial Planners and the Moscow International Currency Association, Doctor of Economics, Professor, and author of works on the evolution of money Artem Genkin presented a report titled “The International Monetary Situation: Bitcoin, the Dollar, or the Digital Yuan – Which One Leads?” In his presentation, he examined how sanctions pressure, growing public debt, and rapid technological progress are reshaping the global currency balance and accelerating countries’ moves toward de-dollarization.
Artem Genkin cited research indicating that the expansion of sanctions against countries and companies operating within the dollar system is gradually undermining the dollar’s long-term role as a reserve currency. The dollar zone is narrowing, confidence in G7 reserve currencies is weakening, real interest rates are rising, and both U.S. households and holders of dollar-denominated assets are seeing a decline in wealth. At the same time, the dollar continues to dominate global indicators – including foreign exchange turnover, the IMF Special Drawing Rights (SDR) basket, and international reserves – but competitive pressure is growing from the euro, yuan, and other currencies.
“The world has not become anti-dollar; it has become multi-currency. The dollar is losing its monopoly, but not yet its leadership,” the economist stressed.
The expert devoted a separate section to the role of China and emerging financial technologies. He noted that Beijing is gradually shifting part of its foreign lending from the dollar to the yuan and actively promoting a cross-border settlement system based on the digital yuan, which could usher in a new phase of de-dollarization. Against this backdrop, the importance of stablecoins is increasing. The U.S. model for their legal regulation effectively turns the largest dollar-denominated stablecoins into an additional tool for supporting the dollar beyond the traditional banking system.
The global financial system is gradually shifting toward a multi-currency architecture, in which several major currencies – the dollar, the euro, the digital yuan, leading cryptocurrencies, and stablecoins – will compete with and balance one another.