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The short answer is yes. There has been increasing talk of the BRICS nations (Brazil, Russia, India, China and South Africa) developing a new currency that will rival the US dollar as the global reserve standard.

In 2023, the US has the world's reserve currency - the US Dollar (USD). The US dollar accounts for 59% of all foreign reserves. The Euro is second at 20% and Japanese Yen is in third at 5%. The British Pound Sterling is 4th under 5%.

Some say it will be the euro; others, perhaps the Japanese yen or China's renminbi. And some call for a new world reserve currency, possibly based on the IMF's Special Drawing Right or SDR, a reserve asset. None of these candidates, however, is without flaws.

What is the safest currency in the world? The Swiss franc (CHF) is generally considered to be the safest currency in the world and many investors consider it to be a safe-haven asset. This is due to the neutrality of the Swiss nation, along with its strong monetary policies and low debt levels.

For the U.S., it would likely mean less access to capital, higher borrowing costs and lower stock market values, among other effects. Having the world's reserve currency has allowed the U.S. to run large deficits in terms of both international trade and government spending.

"The only currency that is vaguely close to being able to replace the dollar is the euro."

Still, it's not time to panic, Esper said. The yuan remains at less than 3% of global currency reserves, and it's very unlikely it'll grow past the dollar, which remains at about 60% of the reserves. Copyright 2023 Nexstar Media Inc.

The short answer is yes. There has been increasing talk of the BRICS nations (Brazil, Russia, India, China and South Africa) developing a new currency that will rival the US dollar as the global reserve standard.