Interesting question! If the USD ever loses its reserve currency status, the most likely contenders are the euro or Chinese yuan, but both have challenges, like political stability and capital controls. Some even argue a basket of currencies or digital assets could step in. I’ve been watching currency charts https://rates.fm/ lately, and shifts in demand definitely show growing interest in diversification away from the dollar.

The Europeans have neither the industrial capacity nor the will to take up America’s place should it fall. This is why America overtook Europe in the first place. China on the hand is actively doing in their power to make connections with other nations leverage every advantage available to them.