Efforts to reduce reliance on the U.S. dollar have gained momentum across Asia and other regions as governments pursue greater monetary sovereignty and protection from external shocks. This de-dollarisation trend reflects a growing desire to reorient global finance toward a more multipolar structure. In Southeast Asia, the Association of Southeast Asian Nations (ASEAN) has formally embedded these aims into its newly published Economic Community Strategic Plan 2026–2030, released on May 26 during the 46th ASEAN Summit.

The plan emphasizes strengthening local currency usage in cross-border trade and investment to minimize risks linked to dollar volatility. As stated in the document:

ASEAN will also promote the use of local currencies to reduce the region’s vulnerability to exchange rate fluctuations and external economic and financial shocks, and to lower transaction costs associated with cross-border payments.

ASEAN’s five-year blueprint includes specific steps to deepen financial integration and enhance payment infrastructure. Under its financial inclusion objectives, it aims to “expand and strengthen regional payment connectivity and promote local currency settlement.” These measures are designed not only to improve efficiency in transactions across ASEAN Member States but also to insulate the region from external disruptions.

INSEAD associate professor of finance Ben Charoenwong explained that Asia’s de-dollarization trend reflects a broader evolution in global monetary dynamics, not a temporary response to market fluctuations. He characterized the decline in dollar dominance as a strategic rebalancing toward a multipolar monetary system rather than a straightforward currency substitution. He said:

Asian de-dollarisation represents a gradual shift towards a multipolar monetary system rather than simple currency substitution.

The professor also noted the role of digital tools, stating: “Central bank digital currencies are proving more significant than decentralised cryptocurrencies for actual de-dollarisation efforts.”

This regional movement is part of a broader international shift. Countries in the BRICS group have ramped up local currency initiatives and trade arrangements outside the dollar framework. The Shanghai Cooperation Organization (SCO) has also explored alternatives to dollar-based systems. These efforts have been spurred in part by geopolitical tensions and the increasing use of economic sanctions by the United States, which has prompted several governments to diversify their reserve holdings and develop independent settlement mechanisms. Collectively, these actions underscore a growing global push to restructure the international monetary system and reduce systemic exposure to dollar-centric financial disruptions.

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