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 holdings are denominated in dollars—a privilege that gives America significant economic and geopolitical leverage. However, recent geopolitical tensions, sanctions, and efforts by China and other nations to develop alternative payment systems have sparked debate about whether the dollar's dominance is eroding. While the dollar remains unmatched in liquidity and trust, the question of whether rivals can credibly challenge its status has moved from fringe discussion to mainstream economic and policy debate.