Since I have been born, the US dollars have been the major reserve currency for so many countries around the world. It is possible since I am not close to 80 years and the US Dollars have been world reserve currency since 1944, according to Investopedia. In case you do not know how powerful the US Dollar is, it is used by virtually all oil producing countries as a major country, and it is regarded as the petrodollar.
While it has been riding this horse for a long time, so many people think it is about to lose its power.
China going the extra mile to become the world economic power, trying to create trade routes around the world, lending money to countries that cannot pay back in over 100 years to come, and ensuring that they still keep giving loans. Also, the Russian, Ukraine war, is another reason, as several countries are looking into adopting other currencies to be able to trade with Russian, following the sanctions placed on them.
Without any doubt, we can also tell that the increasing US account deficit is another threat to the US dollar, and the same Dollar is used to fund these deficits. If not for the high demand of dollar, the US wouldn't be able to sustain its deficit but now that there are different thoughts from different nations on which currency should be their reserve currency, it is starting to look like the US Dollar is going to lose its touch sooner or later.
At a point in time, the Euro tried to topple the dollar, and become the major currency, but the EURO market crash killed the move.
The YUAN is believed to possibly topple the US Dollar, but I cannot say that it is possible, or it isn't. What do you think about the government of countries choosing the Chinese YUAN over the US DOllar?