[dogma1138]

Euro dollars are constantly traded without going through the US.

CLS currencies and any currency which is fully convertible can be used in transactions without any involvement of the jurisdiction that minted the currency in the first place.

The USD has a huge settlement infrastructure that is completely independent of the US.

[inshadows]

Doesn't it still involve accounts in US banks though? Please see my direct reply PeterisP for explanation. I cannot see how could it work without Fed oversight as it would allow it to "print" dollars.

Also, could you please share more info? I'm very interested in financial settlement system, especially for USD and EUR, but sadly there's too little public resources.