If the exorbitant privilege of the USD melts away, it would make sense for big international companies like Alphabet and Visa, which get a significant chunk of their revenue outside the US, to take on debt in EUR.

A currency-neutral position would be to take on debt in EUR in the same ratio as the company's revenue that comes from the EU. This strategy might extended to all EMEA countries, which collectively account for 30 percent of Alphabet's revenue.

Japanese YEN is a good choice for dept in APAC area.