The paper examines how the recent unilateral coercive measures through 'weaponization' of US dollar and the SWIFT/CHIPS systems have triggered broad-based moves to de-dollarization, analyzes economic and geo-political reasons for de-dollarization and lists the different modes and progress towards de-dollarization efforts, including in reducing the overreliance of the dollar through foreign exchange reserve diversification, utilizing other currencies for trade invoicing, etc.