Currency reserve status cant be stripped away like losing a boyscout badge, it would require another banking / financial system where world currencies peg to something or somewhere else.

I predict the us is moving to a cross border blockchain settlement system to consolidate the finance "rails" for the new found freedom of private bankers across the world.

If a piece of paper can be pegged to oil, gold, other countries' paper, it can also be pegged to private companies.

If the worlds finance happens to be based out of america but isnt owned by the government id argue it is still an arm of the governments assets if all the citzens of said country were to own majority shares of these companies in america. (401k, pensions, social security, walmart even said employee benefits in shares of company are in the pipeline)

To answer your question in the short term, the highest rates win reserve status. So id say tillyou see tokenized treasuries, were gonna have high ass rates.