Conclusion: Toward a Multipolar Financial Order

The global financial system is undergoing a profound and destabilizing transformation as ripe geopolitical conditions for a de-dollarization moment coincide with a technological breakthrough in international financial infrastructure.

The primary aim of this exploratory study was to assess whether central bank digital currencies could realistically catalyze a de-dollarization moment consistent with today's geopolitical climate.

While BRICS+ nations, among many other emerging economies, have long sought to reduce their dependence on the USD, logistical and systemic barriers have historically rendered these efforts largely symbolic.

However, the advent of CBDC provides a viable pathway to bypass Western-dominated financial institutions and create alternative settlement systems that reduce exposure to the USD.

While a complete displacement of the U.S. dollar as the global reserve currency remains highly unlikely in the near future, the increasing adoption of CBDC-based financial networks will gradually chip away at its dominance, potentially reducing its influence to a level comparable to the euro or the pound.

Over time, as these systems mature and gain traction, the incentive to hold large reserves of USD may significantly decline.

After all, if payments can be settled directly in local or regional currencies via interoperable CBDC networks, a key function of dollar reserves– as a buffer and intermediary for trade and financial stability– begins to erode.

Moreover, as confidence in the USD wanes due to mounting American debt and concerns over long-term currency devaluation, countries are increasingly diversifying their reserves by turning to gold and other major currencies to store excess cash.

Additionally, while the current financial landscape remains dollar-centric, the revived momentum behind de-dollarization, along with BRICS+ current and forecasted enlargement, signals an inevitable shift toward a more multipolar financial order; one that reflects the realities of today’s global economy rather than the post-WWII framework that enshrined American financial hegemony.

The cutting-edge nature of this issue requires close monitoring of new developments both on the technological and geopolitical fronts.