Since the mid-twentieth century, the global monetary system has been structured around the supremacy of the U.S. dollar—a status initially formalised at Bretton Woods and later entrenched through the emergence of the petrodollar order. This article re-examines the accelerating trend of de-dollarisation and argues that contemporary shifts away from the dollar are less a conventional financial transition and more a response to deepening geopolitical contestation. The analysis reviews the historical evolution of dollar primacy, focusing on the fixed-rate dollar-gold framework, its subsequent collapse, and the consolidation of dollar power through the oil-pricing system of the 1970s. The article then evaluates how the increasingly assertive use of U.S. financial sanctions—including SWIFT restrictions and reserve immobilisation—has altered strategic calculations for states seeking to insulate themselves from U.S.-centric financial leverage. In reaction, emerging powers and several middle-income economies are investing in parallel financial infrastructures, diversifying reserve holdings, and expanding local-currency settlement channels. While the dollar will continue to dominate global finance, the international system is gradually moving toward a more fragmented, politically plural monetary configuration. These developments have significant implications for global economic governance, financial stability, and geopolitical alignment.