Libra - big challenger
One plausible scenario is that Libra succeeds in becoming the legal-tender medium of exchange for much of the traditional commerce in the world and that cryptocurrencies thrive for non-traditional exchanges. by Aaron Brown
A common criticism against dollarisation (and currency blocs) is that they are a form of neocolonialism
Being able to identify what its users are paying for is a
treasure trove. The banking system and the world’s central banks, as the more
enlightened already see, had better gear up for new competition.