Is the US dollar losing its dominance? The answer is both A) yes and B) it doesn't matter.
Yes, US dollar is losing a bit of power and influence. This is likely to continue.
Making inferences about the US global dominance based on this fact is misguided. US global dominance is as strong as ever and, if anything, getting stronger. US has very successfully managed to move the game a level above currency, to direct governance via financial, legal, political and military means. It has made any meaningful competitors either entirely irrelevant (e.g. Russia), pretty well aligned (e.g. India) or pretty well contained (e.g. China) It's blue skies ahead.
USA is doing everything in its power to make Russia great again. It was in great position to make it irrelevant, but it has choosen to make itself Russia like and snatch defest out of the jaws of victory against Russia .
The exact point I'm making is that this is NOT the case! US has super strong financial control over most of the world in a way which is NOT connected to the strength of the US currency.
Yes, US dollar is losing a bit of power and influence. This is likely to continue.
Making inferences about the US global dominance based on this fact is misguided. US global dominance is as strong as ever and, if anything, getting stronger. US has very successfully managed to move the game a level above currency, to direct governance via financial, legal, political and military means. It has made any meaningful competitors either entirely irrelevant (e.g. Russia), pretty well aligned (e.g. India) or pretty well contained (e.g. China) It's blue skies ahead.