I don’t think anything BRICS comes up will replace the USD - I expect it will compete with it, fucking up the liquidity balance of the jenga skyscraper that is international finance.

It doesn’t even have to compete “well”, it doesn’t have to be used in every contract, it just needs a big enough network to fuck up the hegemony and that won’t take much when you consider how on a knifes edge the current system is.

Reserve asset strategy has already changed - hard assets and commodities. Countries don’t want US paper any more.