All foreign reserves are US dollars, many many countries wish that wasn't so but it won't be changing in our lifetimes. Cryptos are an example of an assault on the dollar, but if it got even close to competing then the US would just regulate it out of existence.
Don't gamble on balloons bursting, the FED are being overly cautious imo, and some believe the inflation peak can already be seen, UK inflation which is already in double figures is predicted to be sub 2% end 2023, though a fair bit of pain to come between now and then.
However yes your last paragraph we totally agree on, last time I looked Thailand were about 7th on the planet in terms of dollar reserves, an incredible position when you see some of the huge economies beneath them, so it is a shame to put it mildly, there's not more help for the folk down on their luck.
NB Thailand now in 15th place but still ahead of the UK (17th)