The U.S. dollar’s share of global trade transactions rose to a record high in March, according to the latest data from the Society for Worldwide Interbank Financial Telecommunication (Swift). The greenback accounted for 51.1% of international payments during the month, up from 49.2% in February. This marks the first time the currency has surpassed the 50% threshold since Swift revised its data collection methodology in 2023.
The surge in dollar usage coincides with the ongoing military conflict in the Middle East, which began in late February 2026. Financial data indicates an increase in the currency’s utilization as a safe-haven asset during this period of geopolitical instability. Since the start of the hostilities on February 28, a broad gauge of the dollar has gained approximately 0.8% in value. This follows a period in 2025 where the greenback fell by 8% to its lowest level in four years.
According to the Swift report released on April 22, the euro maintained its position as the second most-used currency for international settlements, accounting for approximately 21% of transactions. Other major currencies followed, including the British pound, Japanese yen, and Canadian dollar. The Chinese yuan saw its share of global transactions increase to 3.1% in March, up from previous levels, as it remains the fifth most active currency in the Swift system.
In a research note published on April 21, a JPMorgan team led by Joyce Chang, Chair of Global Research, stated that the dollar’s role as a reserve and base currency for capital markets has not declined. The note observed that the currency’s dominance is supported by the liquidity of U.S. capital markets and the functioning of the financial system for dollar liquidity. The analysts noted that recent periods of dollar weakness have not fundamentally altered its primary status in international finance.
The Swift data is compiled from millions of monthly financial messages exchanged between more than 11,000 institutions across 200 countries. While these figures track interbank activity rather than all global trade, they serve as a primary measure of currency usage in the global economy. The March data highlights a consolidation of the dollar’s influence during a time of significant disruption to international trade routes.
The report also indicated that the closure of the Strait of Hormuz and the resulting impact on energy markets have contributed to the concentration of transactions in the U.S. dollar. As energy prices fluctuated and global supply chains faced new constraints, the demand for dollar-denominated settlements increased among financial institutions and commercial entities.