Betteridge's Law strikes again. As of Q2 2025 (roughly the time that TFA was published) there is more dollar-denominated debt than ever before [0]. And its value relative to other currencies (as of this month), while subject to cyclical fluctuations, is on par for the post-Covid cycles and higher than pre-2020 levels [1].

[0] https://fred.stlouisfed.org/series/FDHBFIN [1] https://fred.stlouisfed.org/series/DTWEXBGS