This SUERF BAFFI Bocconi e-lecture examines new evidence on the evolving structure of the international monetary system, drawing on the recent Federal Reserve paper “Decoupling Dollar and Treasury Privilege”. The authors document a notable divergence between the global dominance of the US dollar and the declining convenience yield of US Treasuries. While the dollar continues to command safe-haven and funding currency status, Treasury securities no longer exhibit the same scarcity premium across maturities. These findings have important implications for sovereign debt sustainability, global capital flows, and the resilience of the dollar-centric system at a time of rising public debt and geopolitical fragmentation.