We propose a “debt view” to explain the dominant international role of the dollar. Within a simple capital-structure model with debt-currency choice, we show that the “dominant currency” is determined by the relative costs of debt and equity. This perspective highlights the importance of debt in international finance and provides a new framework for understanding the dynamics of currency markets. The debt view also sheds light on the role of central banks in managing currency risks and the implications for monetary policy. By considering the interactions between debt, currency, and capital flows, our model offers a more comprehensive understanding of the complex relationships between these variables and their impact on the global economy.