This is true, but there's another aspect to it:
If I have an ancient kingdom, I need my army to keep my subjects loyal through violence, but soldiers need supplying, and arranging for all the services they need, anywhere they go, is nontrivial.
But, if you require taxes to be paid in your coins and the only way to get them is through business with your army, then, effectively, everyone in your kingdom is clamoring to create or participant in markets for provisioning your army, directly or indirectly. (Lest they not pay their taxes and be killed by those same soldiers, of course)
While the US-dominated global economic order is more complex than this, obviously, the overall pattern is still the same. Many goods and services (oil, transport, SWIFT, and afaik also IPv4 addresses (another legacy technology like oil - moving away from it to IPv6 is extremely necessary but affects the third world more than the first...)) all require dollars. So if you want to have modern medical equipment, internet, transportation, or anything else obviously necessary for a country in the 21st century, you need to be producing something that western consumers want in some form.
The whole world is clamoring to create or participate in markets for goods and services for the US, directly or indirectly. (Lest they starve or be killed by the military of that same country, of course)
Another point about US Treasury bonds: they are the only truly "stable" financial instrument, and the reason why should now be obvious - they can only fail if the US empire, which encompasses the whole world economy, fails.
In fact this debt, rather than being a source of vulnerability for the US (as foreign debt is for other countries, just look at IMF loans and look up "structural adjustments"), it's a source of strength. While treasuries do pay the holder the principal plus interest, the fact is that for most foreign governments it is actually the opposite in practice - a form of tribute paid to the US as the imperial leader.
The Federal Reserve, the US central bank, can give loans to the US government by creating US dollars and using them to buy Treasury bonds (which remember, are pieces of debt) from the US government.
But other central banks don't have good places to safely store their mandatory reserves of dollars besides US treasuries (also for other "hard" currencies like the Euro, but this still keeps value going towards the imperial core and away from the periphery), and so:
To the extent that these Treasury IOUs are being built into the world's monetary base they will not have to be repaid, but are to be rolled over indefinitely. This feature is the essence of America's free financial ride, a tax imposed at the entire globe's expense.
And that furthermore, because these interest payments aren't particularly large, and with the effect of inflation, can represent losses for their central bank and thus host country, another form of tribute paid to the US.
There's actually a term for this kind of governmental profit. Seigniorage refers to the profit governments make when they create money: if it costs 0.80 currency units to make a bill worth 50.00 currency units, then this produces a net profit of 49.20 currency units.
For the US, it is imposing this on the whole world. It can create treasury bonds essentially for free, but buyers have to give up real US dollars for them, dollars they had to get through manufacturing shoes or cars or whatever.
If we consider again a historical example: there is a king, and he conquers neighboring regions, and then demands that they pay tribute, taxes, etc., to cover the costs of the army he uses to ensure their continued subjugation, we would say that this is an imperial relation.
Then we have the United States, which has constructed a world order where it is at the center, and that money flows from the rest of the world to itself, and it uses these funds to pay for its influence campaigns and coups and a massive military which bombs and kills and invades... yet it insists that it is not an empire but merely the "leader of the free world".