De-dollarization is at its peak in 2025 as a handful of alliances are ditching the US dollar and replacing it with local currencies for trade. In a first, The Eurasian Economic Union (EAEU), confirmed that they settled 93% of trade in national currencies sidelining the US dollar. Only 7% of the cross-border transactions among themselves included payments in the US dollar.
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The latest data shows that the EAEU alliance settled close to $100 billion worth of trade in 2024. Therefore, $93 billion worth of trade within the EAEU was settled in local currencies last year. Only $7 billion worth of cross-border transactions was paid using the US dollar among the member nations. The development shows that de-dollarization is accelerating at a rapid speed to leave the US dollar behind.
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De-Dollarization Growing Rapidly Within Members of the EAEU Alliance
The Eurasian Economic Union consists of five neighboring countries such as Russia, Armenia, Belarus, Kazakhstan, and Kyrgyzstan. The EAEU bloc kick-started the de-dollarization agenda 10 years ago and gained steam in 2025. In 2015, the bloc had settled 71% of trade in local currencies. In 2025, they settled trade payments in local currencies touching 93%.
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“If in 2015 the share of the ruble and other national currencies was about 70% in settlements with our partners in the EAEU, then by the end of last year we reached a record 93%,” said Russian Deputy Minister of Economic Development Dmitry Volvach. De-dollarization was silently growing and it took a decade to reach the financial mainstream.
The US stands to lose the most if many more alliances like the EAEU indulge in de-dollarization. The White House must take concrete measures to stop de-dollarization or risk losing its global financial dominance. If not, developing countries could start controlling the world’s economy while the US is pushed to the back seat.