The U.S. dollar is facing a substantial sell-off, particularly in Asia, where a $3.2 trillion exodus is anticipated to trigger a currency-market 'avalanche.' This trend reflects growing skepticism among major export economies about the long-standing practice of investing trade surpluses in U.S. assets. The recent volatility in April's financial markets has intensified discussions about the dollar's role as the world's primary reserve currency. Concurrently, the euro is experiencing its fastest rally in two decades, supported by options trades signaling a structural shift favoring Europe's common currency. Banks and brokers report increasing demand for currency derivatives that bypass the dollar, driven by escalating trade tensions and a broader move away from the greenback. Traders are actively seeking alternatives for currency hedging, underscoring a global trend of de-dollarization.