France, Germany and the UK announced on 29 June 2019 that the INSTEX international payments system has been launched and has been offered to all EU Member States. Transactions have already commenced.
The arrival of INSTEX means that it will no longer be necessary to use SWIFT to make international payments for participating countries.
The system will enable trade between Iran and EU countries initially, and will later be opened to additional countries.
The question from a currency perspective is what this means for the US$ as the world's reserve currency.
https://financialtribune.com/articles/business-and-markets/98681/eu-says-instex-operational
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