India and China building alternative payment systems could shake US geoeconomic dominance

A payment shift could target US influence without bullets

Geoeconomics, as Matteo Maggiori frames it, is how countries use trade and finance to gain leverage—through tools like sanctions, export controls, and control over critical supply chains. He argues China and India are pushing alternative payment systems that could reduce US dominance, especially as the world’s financial infrastructure and semiconductor routes become strategic battlegrounds.