Is the US dollar losing its dominance as the world's reserve currency?

Context

The US dollar has served as the world's primary reserve currency since World War II, meaning most international trade, loans, and central bank reserves are denominated in dollars. This dominance gives America significant economic and geopolitical advantages, but it faces mounting pressure from geopolitical tensions, sanctions regimes, and coordinated efforts by rivals like China to promote alternative currencies. The question of whether the dollar will retain this status—or gradually lose ground to a multipolar currency system—has major implications for global financial stability, US influence, and investment returns.