Author and editor-in-chief: Vitaly Kisterny 28.09.2026 20:15:00

When a company in India stores data in the cloud, when a startup in Brazil uses Amazon servers, when a bank in Europe rents computing power from Microsoft — all these transactions go through the dollar system.

The global cloud technology market exceeds $700 billion, and American companies control about two-thirds of this market.

AWS, Microsoft Azure, Google Cloud — they are all American, and their services, contracts, and infrastructure operate in dollars. Even when a European or Asian company provides cloud services, it often uses American equipment and pays for it in dollars. Cloud technology is another inconspicuous pillar of the American currency that almost no one talks about.

Photo: © Belnovosti / dollars. Author Vitaly Kisterny

Why cloud technology works in dollars

Cloud technology is a global industry. Companies around the world rent computing power, store data, and run applications on servers located in different countries. Such an industry needs a currency that is accepted everywhere. And historically, that currency has been the dollar.

The reason is simple: the largest cloud providers are American. Amazon Web Services (AWS), Microsoft Azure, and Google Cloud control about two-thirds of the global market. Their contracts with clients, tariffs, and internal settlements are denominated in dollars. Even when a company is located in Europe or Asia, it pays for cloud services in dollars.

Moreover, data center equipment — servers, chips, cooling systems — is often produced by American companies or their partners. Nvidia, Intel, AMD — they are all American, and their products are purchased in dollars. This creates additional demand for the American currency.

How cloud technology creates demand for dollars

Every time a company pays for cloud services, it needs dollars. Even if it is located in India or Brazil, it converts its national currency into dollars to pay its bills.

The largest cloud providers operate in dollars. Their tariffs, contracts, and internal settlements are denominated in the American currency. This creates sustained demand for dollars.

In 2026, this demand intensified. The artificial intelligence boom requires enormous computing power, which is provided by cloud providers. Training AI models, processing data, storing information — all of this requires cloud resources that are paid for in dollars. Estimates suggest that spending on cloud services will grow to $1 trillion by 2030, and a significant portion of that growth will flow through the dollar system.

Who benefits from dollar clouds

For the United States, cloud technology is not just Amazon, Microsoft, and Google. It is also the banks that finance the construction of data centers. JPMorgan, Citigroup, Bank of America — all of them actively lend to technology companies. This creates additional capital flows in dollars.

For the dollar, cloud technology is a steady source of demand. Even if other factors weaken, companies will still buy dollars to pay for cloud services. This makes the American currency more resilient than one might expect.

For developing countries, cloud technology is a challenge. Companies are forced to buy dollars to pay for cloud services. This puts pressure on their national currencies and increases dependence on the dollar.

What this means for the dollar

Cloud technology is an invisible but important pillar of the dollar. It creates steady demand for the American currency that does not depend on Fed rates or geopolitics. As long as the global cloud market grows, the dollar will receive support.

However, this pillar has a weak spot. If China or Europe creates its own competitive cloud platforms and begins promoting them in yuan or euros, it could undermine the dollar's monopoly in the industry. China is already actively developing its cloud technologies through Alibaba Cloud, Tencent Cloud, and Huawei Cloud.

As analysts note, "cloud technology is an industry where the dollar feels especially confident." But this confidence could weaken if competition intensifies.

What this means for the average person

If you use cloud services — store photos in iCloud, watch movies on Netflix, work in Google Docs — you are already participating in this system. Your subscription money is converted into dollars and supports the American economy.

For those who hold savings in dollars, cloud technology is additional support. For those working in IT, it is an understanding of how global capital flows affect exchange rates.

What's next

The global cloud technology market will continue to grow. Artificial intelligence, big data, the internet of things — all of this requires cloud resources. This means that demand for dollars in the industry will only increase.

For the dollar, this means it has another stable pillar that will not disappear in the coming decades. Even if other factors weaken, cloud technology will remain a safe haven for the American currency.

Belnovosti on GoogleAdd to favorite sources