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I'm not so convinced. The US has done a good job of convincing countries in Asia that they need to "counter Chinese influence, balance Chinese power" and indeed as most of these nations are capitalist nations they think in capitalist terms, they don't think China won't prey on them and drain them if it gets the chance if US power wanes because they'd do that in China's position. It's similar with Europe, they want to check US power and know the vassal arrangement has gone too far but they're committed to liberalism completely and are willing to self-immolate to defend the honor and notion of liberalism and "liberal values" and China is antithetical to those values by its nature as a DoTP state with a ML party at the helm.

So many, many, many countries want to find some sort of magical imagined balance between the US and China, this idea that they can use one to check the power of the other and get maximum benefit and don't want to get too in bed with the Chinese system because they're convinced if the Chinese achieve yuan reserve currency status that they'll use it as badly as the US has been weaponizing the dollar and frankly they're more comfortable with the enemy they know in the US than the enemy they don't know in China given that for most of the existence of US hegemony things were not this bad and there are some ideas it could still get more reasonable under the US regime. China taking power and replacing the US would be a change and change like that is greatly feared because it's not a change you can undo in a year or a decade if it works.

But we'll see. We'll see, probably a months where decades happen situation.

I think it's likely a lot of countries bend the knee to the US and become further under the US thumb vassals while some amount join BRICS and China in resisting but that pans out not to a quick US collapse but to a new cold war and new increasingly disconnected trading blocs with the US one trying to destabilize and destroy the other through any and all means.