Before there wasn't so much incentive to dedollarize, dollar hegemony worked Ok for most people, enough to accept it if only grudgingly. Now major players have large incentives to make it happen. When large incentives exist the market usually eventually finds a way to happen. Now that we have used out financial system as a weapon(Russia) states may see it as a national defense(aka military capability) issue. After we've let inflation run rampant there may be less confidence in our currency, though admittedly many other countries are in the same inflationary boat.
I don’t disagree with the desire/demand statement - but again who’s is going to step into that gap, that can run large trade deficits, has the deep financial/borrowing markets to fund those deficits, has rule of law etc.? China? Nope. Europe I guess - but doesn’t really offer any advantages over the dollar, who else? No one…
