Disappearing Dollar Convenience?

We measure the convenience yield on dollar safe assets over the last 5 years to answer this question. We find that within the set of U.S. dollar assets, safe asset convenience yields are about the same in 2025 as they were in 2019, and these levels are expected to persist for the next decade. Across the globe, the richness of U.S. dollar safe assets, particularly Treasurys, compared to the safe assets of other currencies have fallen considerably. There is also evidence that the U.S. dollar repo is currently the highest convenience dollar safe asset. In short, our answer is, no for domestic liquidity purposes, and yes for global liquidity purposes.