TBH, I think this is as much to do with eurodollar collateral shortages as it is about the US's recent behavior weaponizing the USD.

If your collateral isn't good enough (Iraqi bonds?) for the market then it becomes a slower/harder extra step to swap your local currency into dollars before then trading with another country.

I do think we're on a slow collapse toward fewer currencies. The big powers will hold their own (USD, RNB, EURO, maybe JPY) and the emerging markets will start to gravitate more towards BTC.