USD dominance isn't going anywhere, because all of the critical metrics are still basically uncontested by any alternative. China and Russia are losing allies left and right. They're demonstrating that they support terrorism. Nobody is going to decide that their currencies are the new hot thing.
China poses a huge threat, but some of their worst advantages aren't viable. We know things they have, so we tell them things we have. If you do X, we do Y. Thus some of their big advantages are nullified, unless they get reckless. Same as the nuclear issue, weapons you've invested in yet cannot even use, because they become part of new rules.
Some of that has been clarified in the trade tug of war, showing each other's dependencies. Some is being shown by also showing how easy it is for Russian infrastructure to be hit, or how easy it is to put a choke hold on critical energy, or to simply capture a dictator for that matter. It isn't even just those things, it's also the cadence and timeframe. Venezuela, Cuba, Iran and Russia all under severe pressure within just a few months at the start of 2026.
At most we've maybe seen some limited sabotage of infrastructure inside the US and perhaps aboard a carrier, some sharing of targeting information, etc.
If Russia and China are leveraging any of their real potential for pressure, it sure is hard to tell.
What about... Euro. Gold. Bitcoin. Currency baskets.
I mean, Gold is an asset. Bitcoin is an asset. Those aren't currencies, even if people like to think of them that way.
As far as the Euro, Europe is not America. The European Union is also not the United States. America has geographic advantages that Europe lacks. The US has structural stability advantages that the EU lacks. People sometimes argue things like, the EU is more of a framework or general agreement, while the US is an actual country.
The amount of USD in circulation dwarfs all other currencies and makes it more cushioned against shocks. It's much more liquid than gold or bitcoin. If you need to get actual things done in the real world and you need to get them done quickly, USD is the currency you want to generally have.
It's also the least likely to simply poof or disappear. China is the only real threat the US has faced since World War 2 and we're handling it pre-emptively. You could argue we were pre-empting the CCP even before World War 2, since we were supporting the anti-communist forces inside China before Japan attacked it and unified them against it.
The outcome of a lot of wars comes down to physics. The physics are on the side of the US. USD isn't going anywhere. Iranian and Venezuelan oil will be traded in USD now as well.