The USD makes up the majority of global transactions. It is the number one holding of Central Bank reserves. The major of FX OTC transactions (like 90%) are in USD. US Treasuries are the only form of pristine collateral right now. About half of all global debt is denominated in USD, which means that entities need USD to pay back their loans (which is why central banks have USD as their primary reserve).

US commercial banks, which are the ones that create USD via loans, saw lending flat since the Great Financial Crisis. That means few new dollars.

We also have low interest rates which means a lack of money. When interest rates are high, that is a sign of abundance. Hence we are in a liquidity crisis of both USD and collateral, the latter which is vital to the international banking system.

The EURO and and YEN are regional currencies with little use case outside those regions. Plus, the US banks will not touch the debt of either of them, forcing another issue that feeds back into those regional banking system.

To say the USD is not global is a mistake. It is throughout the entire global and financial system.

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