Fitch Solutions’ global head of country risk has named the rising adoption of cryptocurrencies, the de-dollarization efforts by the BRICS countries, and China’s rising “economic might” as key factors that erode the U.S. dollar’s dominance over time.

Chehab named three key reasons why the USD dominance is eroding. The first concerns China. He detailed: “China is the largest trade partner of most economies, and as its economic might continues to rise, that means that it’ll exert more influence in global financial institutions and trade, etc.”