De-dollarization

"[D]e-dollarization entails a significant reduction in the use of dollars in world trade and financial transactions, decreasing national, institutional and corporate demand for the greenback. This would diminish the dominance of the dollar-denominated global capital markets, in which borrowers and lenders around the world transact in dollars.

There are two scenarios that could erode the dollar’s status. The first includes adverse events that undermine the perceived safety and stability of the greenback — and the U.S.’s overall standing as the world’s leading economic, political and military power. For instance, increased polarization in the U.S. could jeopardize the perceived stability of its governance, which underpins its role as a global safe haven.

The second factor involves positive developments outside the U.S. that boost the credibility of alternative currencies — economic and political reforms in China, for example".

Source: https://www.jpmorgan.com/insights/global-research/currencies/de-dollarization