Years ago, the question was: Who can topple the dollar? Today, the question is more serious: If central banks themselves are reducing their dollar reserves, who will inherit the throne? The surprise is that the answer remains: no one.

The latest OMFIF survey reveals an unprecedented shift. For the first time, the number of central banks planning to reduce their dollar holdings over the next few years is larger than those intending to increase them.

70% of them believe the US political environment has become less attractive. Many here think the dollar era is over.

But the numbers say something different. Banks are not replacing the dollar, but redistributing risks. They increase their gold holdings, raise the euro's share, and open the door to the yuan.

But when it comes to global trade, finance, bond markets, and international payments, the dollar remains in the lead. That is the paradox.

The dollar loses some reserves, but it does not lose leadership of the global economy. Gold protects wealth, but it does not manage trade.

The euro lacks a full fiscal and political union. The yuan clashes with capital controls.

Therefore, the world is not experiencing a moment of replacing the dollar, but a moment of diversifying options. Perhaps the dollar's dominance is gradually declining, but the global economy has not yet found a currency with sufficient liquidity, trust, and reach to lead the financial system. Hence, whenever talk of the dollar's end rises, the numbers confirm one fact: The dollar may weaken, but it still has no heir.