Any currency can be traded via SWIFT, but more than 40% of its deals are dollar-denominated, so it tends to reinforce the U.S. dollar-based system. It should be no surprise, then, that in 2015, China launched a SWIFT competitor, the Cross-Border Interbank Payment System (CIPS), to boost international use of the yuan.
How Western Sanctions on Russia Could Make Crypto an International Reserve Currency
