The real dollar hegemony threat isn't BRICS or a new reserve currency — it's the ECB quietly building wholesale tokenized settlement infrastructure while the Fed is legally and politically prohibited from doing the same; in 5 years, institutional finance may settle in digital euros rather than digital dollars simply because the US ceded the infrastructure race for political reasons.
If Europe dominates wholesale tokenized settlement and mBridge scales non-dollar rails simultaneously, the dollar-denominated stablecoin thesis for crypto (Tether/USDC as digital dollar hegemony tools) faces structural competition from institutional-grade public money alternatives — directly relevant to Solana DeFi infrastructure and any onchain trading systems built on dollar liquidity assumptions.