For a long time, the US dollar has occupied the central position of the international monetary system. However, with the continuous consolidation of the status of the euro, the rising status of currencies in emerging markets such as the renminbi, and the abuse of financial sanctions by the United States, the international monetary system will further evolve towards diversification. The European Union has launched a European recovery plan of about 750 billion euros, which complements the fiscal pillar of the European Economic and Monetary Union. This not only means the improvement of the EU's emergency financial transfer arrangement capacity, but also means that the US national debt has encountered a real potential competitor for the first time after World War II. The expansion of the euro area in 2023 will also further enhance the influence of the euro. At the same time, the U.S. government’s debt burden has risen rapidly and its share of global GDP has declined, which has weakened the U.S. dollar’s own status to a certain extent. The abuse of financial sanctions by the United States will further accelerate the process of "de-dollarization". If the "Instrument for Supporting Trade Exchanges" (INSTEX) launched by Britain, France and Germany continues to grow and even expand its functions and membership, the dollar's "excessive privileges" will be more likely to be weakened.