The ddollarization narrative gained traction throughout 2025. Bricks expansion, central bank gold buying, and bilateral trade settlement in non-doll currencies all made the case look compelling. But market behavior under stress tells a different story.The narrative has shifted marketkedly in recent weeks due to heightened geopolitical tensions. As volatility has surged across asset classes, capital has migrated toward the dollar, not away from it. The dollar's reserve status isn't about sentiment or geopoli ...