[simple-thoughts]

Other countries continued to use the dollar even after the Usa defaulted on its obligation by closing the gold window. There’s a bit more going on that trust in USA - most dollars are issued by private entities in overseas markets.

[marcosdumay]

They didn't. They mostly didn't use US govt bonds at that time, and the change was made by disconnecting other currencies from the dollar (but, granted, not at once).

[peoplearepeople]

What does it mean to privately issue a dollar?

[simple-thoughts]

Run an offshore bank or shadow bank with dollar accounts then credit the account with dollars. Ideally backed by dollar denominated assets so you don’t get a bank run.