If the US had any foresight it could stave this off by making its own global payments system be the one with the lowest fees, and thereby keep people using US currency and US institutions.
Whereas if you give other countries the obvious win that they can stop paying ~3% of their entire economy to a foreign payments network then you lose the fees anyway and that other stuff on top of it.
Whereas if you give other countries the obvious win that they can stop paying ~3% of their entire economy to a foreign payments network then you lose the fees anyway and that other stuff on top of it.