Global Reserve Currency
A global reserve currency is the dominant currency held by banks and used by large financial intermediaries within the banking system. Since WW2, the U.S. dollar has been the global reserve currency.
Current Challenges to the Dollar
Due to its supply cap and apolitical features (see Triffin paradox), Bitcoin has emerged as a challenger to the U.S. dollar and the traditional global reserve and banking system.
In July 2022, Russia and China announced a “new global reserve currency” that could split the world into two economic spheres.1)
1)
July 22, 2022 | Quoth the Raven | Russia And China Officially Announce A "New Global Reserve Currency"