Author and Editor-in-Chief: Vitaliy Kisterny 08.10.2026 07:05:00

When a bank in India extends a Windows license, when a factory in Germany pays for an Oracle database, when a clinic in Brazil buys a subscription to an office package - all these payments go to American companies and pass through the dollar system.

The global market for corporate software exceeds $700 billion per year, and American companies control about 70% of this market.

Microsoft, Oracle, Adobe, Salesforce, VMware - all of them are based in the USA. Their licenses, subscriptions, and service contracts are denominated in dollars. Even when a European or Asian manufacturer creates its own software, it often pays for American operating systems, databases, and cloud platforms. Software is another inconspicuous pillar of the dollar, which almost no one talks about.

Photo: Belnovosti / laptop. Author Vitaliy Kisterny

Why the software market operates in dollars

Software is one of the most globalized industries in the world. Programs are developed in the USA, Europe, and Asia, but are sold all over the world. Every company, from a small shop to a transnational corporation, uses dozens of software products. And most of them are American.

The reason is simple: the largest software manufacturers are American. Microsoft controls about 70% of the market for desktop operating systems. Oracle dominates in corporate databases. Adobe - in graphic and publishing software. Salesforce - in CRM systems. VMware - in virtualization. Their contracts with corporate clients, licensing agreements, and service payments are denominated in dollars.

Moreover, even non-American companies that develop their own software often depend on American platforms. Developers use Microsoft operating systems, Oracle tools, or Amazon cloud services. Each level of this ecosystem creates dollar payments.

How the software market creates demand for dollars

Every time a company extends a license or pays for a subscription, it needs dollars. Even if the company is located in India or Brazil, it converts its national currency into American currency for payment.

Major software manufacturers hold significant dollar reserves. They use letters of credit, bank guarantees, and hedging instruments denominated in dollars. This creates a sustainable demand for the American currency.

In 2026, this demand has intensified. The artificial intelligence boom requires enormous amounts of computing power, which is provided through American cloud platforms. Companies around the world pay for access to these platforms in dollars. Each new user is a new stream of dollars flowing through the industry.

Who benefits from dollar-based software

For the US, the software industry is not just Microsoft and Oracle. It also includes banks that serve these companies and their clients. JPMorgan, Citigroup, Bank of America - all of them work with the largest software manufacturers. This creates additional streams of capital in dollars.

For the dollar, the software industry is a sustainable source of demand. Even if other factors weaken, companies will always need programs to operate. This makes the US currency more resilient than one might expect.

For developing countries, software is a challenge. Companies are forced to buy dollars to pay for licenses and subscriptions. This puts pressure on their national currencies and increases their dependence on the American currency.

What this means for the dollar

Software is an inconspicuous but fundamental support for the dollar. It creates a sustainable demand for the US currency that is independent of the Federal Reserve's interest rates or geopolitics. As long as the world works on computers, the dollar will receive support.

However, this support has a weak point. If China or Europe create their own competitive operating systems and corporate platforms, this could gradually undermine the dollar's monopoly. China is already developing its own operating systems, such as Kylin, and promoting them in the public sector.

What this means for the average person

If you use a computer or smartphone, you are already participating in this system. The cost of programs, subscriptions, and cloud services is tied to the dollar, even if you buy them in Europe or Asia.

For those who hold savings in dollars, the software industry is an additional support. For those who work in IT, it is an understanding of how global capital flows affect exchange rates.

What's next

The global software market will continue to grow. The digitalization of the economy, artificial intelligence, and the Internet of Things are creating an increasing demand for software. This means that the demand for dollars in the industry will only increase.

For the dollar, this means that it has another sustainable support that will not disappear in the coming decades. Even if other factors weaken, software will remain a quiet haven for the US currency.

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