The dollar's grip on the world economy is weakening among central banks but getting stronger in everyday global business, which is reassuring for anyone betting against a quick dollar collapse.

• Central banks are steadily dumping dollars and treasuries and buying gold instead, back toward where things stood in 1980.
• Actual dollar use is rising, not falling: over half of global payments now settle in dollars, up from about 30% in 2012.
• Freezing Russia's money in 2022 scared governments, but it did not push companies and banks away from the dollar.
• Companies stick with the dollar because it is simply easier — deep bond markets, instant swaps, and fast funding that the yuan cannot match.
• Switching to the yuan would mean rebuilding the entire plumbing of global trade, at a real cost to profits and living standards.

Outlook: Central banks could hold more gold than dollars within five years, but the dollar's role in real-world trade looks safe for at least 25.