The global use of the US dollar has surged to unprecedented levels. Offshore dollar deposits held by banks outside the US have skyrocketed to around $14.5 trillion, hitting a historic high. At the start of this century, that number was only about $4.5 trillion. Over two decades, it has soared by 220%. The contrast makes it even more striking: offshore euro deposits in banks outside the Eurozone are only about $3.5 trillion. Meanwhile, over $19 trillion is still sitting within the Federal Reserve and the US domestic banking system. This means the scale of offshore dollar deposits is now roughly 43% of US domestic bank deposits. No other currency even comes close to this ratio. Global demand for the US dollar remains insanely high.