The vast majority of foreign currency bonds are denominated in US dollars: 63% as of June 2025, Bank of international settlements noted in its latest quarterly update. The dollar’s share has increased by 20 percentage points since end-2007, mainly at the expense of the euro (whose share fell from 32% to 25%), pound sterling (from 9% to 5%) and yen (from 5% to 1%), it said. Borrowers in some 125 economies issue international bonds in dollars, about twice the number doing so in euro or yen. Despite the dollar’s rising share, borrowers have tapped markets in a wider range of currencies. At the time of the GFC, foreign currency issuance was limited to around 50 currencies; by 2025, there were international bonds outstanding in 75 currencies, including many EME currencies, the Bank noted.