This is indeed a "doom loop" and it won't last long till huge global monetary crash (maybe not 2 years, but i doubt that nothing will change in 10 years time frame).
That's reasonable.
Even if this is the beginning of the end for the USD as world reserve currency, it won't happen overnight. During the entire interwar period between WWI and WWII, the global monetary system was in a state of flux as the world lost faith in GBP. It wasn't until Bretton Woods was established in 1944 that the greenback's dominance was solidified.
For now, there are no potential replacements. It will take a few years at least to see what contenders emerge, in terms of reserve numbers and transaction liquidity.