I think the US would go crazy, the Chinese would celebrate, and the rest of the world would be happy that the US$ was no longer THE Global Currency and that they now have a choice.

The Petrodollar was a first attempt at this but, in reality, it didn’t get off the ground. I’m not sure that the Yuan will get off the ground by itself either but a new currency that is backed by the Yuan, Russian Ruble, and Euro might.

A second, or even more than two, new globally accepted currencies, would destory much of the USAs hegenomy over other world currencies and, could also, cripple the USA especially with the USA now trying to negotitate 1 on 1 with countries over trade agreements.

I can see a lot of corporations, America ones included, being more than happy to develop, independent of the US government, trade agreements of their own - mind you they would have to be BIG corporations to make it worth the time and costs of doing so.