‏Abstract

‏For more than eight decades, the United States dollar has evolved beyond its role as a national currency to become the dominant reserve, settlement, and transaction currency within the international monetary system. This privileged position has generated significant legal consequences extending beyond economics into international law, state sovereignty, global governance, international trade, economic sanctions, and international security.

‏This study adopts a descriptive-analytical methodology based on international legal instruments, treaties, judicial decisions, institutional reports, and contemporary legal scholarship to examine the legal status of the U.S. dollar within international law. The article analyzes the legal foundations of the international monetary system, the institutional roles of the International Monetary Fund, the World Bank, and the World Trade Organization, and evaluates the legal implications of dollar dominance for monetary sovereignty, extraterritorial jurisdiction, economic sanctions, sustainable development, and international responsibility.

‏Furthermore, the research explores emerging developments including de-dollarization, the increasing use of national currencies, central bank digital currencies (CBDCs), the rise of emerging economies, and the transformation of the international financial order.

‏The study concludes that although the dollar has contributed to relative stability in the global financial architecture, its dominant position simultaneously raises serious legal challenges concerning sovereign equality, economic independence, the legitimacy of unilateral sanctions, and international monetary justice. Accordingly, the future development of international monetary law requires institutional reforms, strengthened multilateralism, and a more equitable international monetary framework.