The US dollar is facing challenges from developing countries that are threatening its status as the global reserve currency. A handful of alliances in Asia, Africa, and South America are looking to end dependency on the U.S. The BRICS and ASEAN groups are at the forefront of challenging the US dollar’s status.

Developing countries fear U.S. sanctions could hurt their economies and, therefore, want to strengthen their local currencies and economies. The de-dollarization efforts are in full swing in 2023, and nearly two dozen countries want to ditch the U.S. dollar.