Foreign holders of US debt has declined https://sgp.fas.org/crs/misc/RS22331.pdf

This means by extension use of actual USD transfers in international commerce also have declined. USD debt is only needed for foreign holders as collateral used to hold excess foreign reserves from trade that banks cannot guarantee safely

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nostr:npub1egvswnt7kelt7x9wew3sakuavpq8a4kg9leyp59xqfj5rwnayq2qgk9zfr has it gone down in real terms, or has domestic holdings just been ramped up in comparison?