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Tradition, and because USA is the single largest economy in the world.

The economy of EU is larger, although split up over several countries, and EU was at some point hoping that the Euro would take the place of the USD, or at least be equally common.

I saw that China recently wanted another currency that could replace the USD for international transactions, perhaps a virtual currency calculated from the currencies of the X largest countries or something similar.

But the USD has been the world currency since around World War II, it takes time to replace three generations worth of trust in a monetary system, so I guess the USD will be with us for quite a while yet.

As a side note, the Spanish dollar was the world currency in the period 1600s-1800s. These things do change, but not very quickly.

See related link on World Currencies.

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15y ago

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