國際貨幣的主導地位，並非僅由其在官方外匯準備中的比重決定，而是建立在計價、交易、支付、融資與價值儲藏等功能，以及金融市場、流動性供給與制度網絡的共同支撐之上。近年來，官方準備資產多元化、本國貨幣結算與數位貨幣的發展，使去美元化成為國際金融的重要議題；然而，美元準備資產占比下降，是否意味美元國際貨幣地位逐漸沒落。將以英鎊與美元主導地位的歷史變遷為比較脈絡，從國際貨幣功能與全球金融結構切入，探討美元化的深化以及去美元化的進展。
研究結果顯示，美元在官方準備資產中的比重雖長期下降，但在全球外匯交易、跨境支付、美元融資、安全資產與抵押品制度中仍居核心地位。美國公債的市場深度、聯準會的流動性支持與支付清算網絡，共同提高改用其他貨幣的成本。美元穩定幣亦將美元使用延伸至加密資產與新型跨境支付。現有本國貨幣結算、黃金配置與替代支付安排主要用於風險分散，尚未形成能承接美元各項功能的完整替代體系。因此，當前國際貨幣體系較接近美元主導下的多元化，而非其主導地位的全面終結。
英鎊經驗顯示，主導貨幣的更替，不僅需要原有發行國的經濟、財政與制度信用持續弱化，也須有替代貨幣具備足夠的市場深度、金融網絡與危機流動性支持。對臺灣而言，2012至2025年間，美元占出口外匯收入的比重除2020年外均超過九成，進口外匯支出中的美元比重亦始終超過八成，反映企業的報價、收付款、貿易融資與避險安排已形成明顯的美元黏著性。綜合而言，美元的國際地位並非不可逆轉，但在其他貨幣尚未建立完整替代能力之前，其核心地位仍不易被全面取代。

The dominance of an international currency is determined not solely by its share of official foreign exchange reserves, but also by the extent to which it functions as a unit of account, medium of exchange, means of payment, funding currency, and store of value, as well as by the financial markets, liquidity provision, and institutional networks that support these roles. In recent years, the diversification of official reserve assets, the expansion of local-currency settlement, and the development of digital currencies have made de-dollarization a major issue in international finance. A central question, however, is whether the dollar’s declining share of reserve assets signals a gradual erosion of its international monetary status. Drawing on the historical evolution of sterling and the dollar as dominant international currencies, this study examines the deepening of dollarization and the progress of de-dollarization through the lenses of international monetary functions and the structure of global finance.
The findings show that although the dollar’s share of official reserve assets has declined over the long term, it remains central to global foreign exchange trading, cross-border payments, dollar funding, and safe-asset and collateral systems. The depth of the U.S. Treasury market, liquidity support from the Federal Reserve, and established payment and clearing networks collectively raise the cost of switching to other currencies. U.S. dollar-denominated stablecoins have also extended the use of the dollar into crypto-asset markets and new forms of cross-border payment. Existing local-currency settlement arrangements, allocations to gold, and alternative payment mechanisms serve primarily to diversify risk and have yet to form a comprehensive alternative system capable of performing the full range of functions currently served by the dollar. Accordingly, the current international monetary system is better characterized as diversification under dollar dominance than as a wholesale end to that dominance.
The experience of sterling shows that a transition between dominant currencies requires not only a sustained weakening of the incumbent issuer’s economic, fiscal, and institutional credibility, but also the emergence of an alternative currency with sufficient market depth, financial networks, and crisis liquidity support. For Taiwan, between 2012 and 2025, the dollar accounted for more than 90 percent of export foreign exchange receipts in every year except 2020, while its share of import foreign exchange payments remained above 80 percent throughout the period. These patterns reflect pronounced dollar stickiness in firms’ pricing, receipts and payments, trade finance, and hedging arrangements. Overall, the dollar’s international monetary status is not irreversible; however, its core position is unlikely to be fully displaced until other currencies develop comprehensive substitutive capabilities.

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