No, we cannot 'do it'.
1) a) There can only be 1 currency for an economic area - this is because we need price stability. The 'second currency' with the promise of 'less dilution' wouldn't be useful for transactions - people are not going to accept it widely, therefore it becomes more of a potential 'store of value' (but most cryptos are not good at that either).
b) A currency or any store of value is as good as the entity backing it. There is no avoiding that. You cannot have magic numbers represent value. Currency is a contract between you, and the people that use that currency.
2) Stable/Reliable for contracts. Contracts are agreements that are only valid in a legal regime. They are completely pointless without a legal framework to judge them in - and where there is enforcement. They always require interpretation. An 'independent document' doe nothing to help.
3) 'Storage' - you can't 'store' value in a bunch of numbers. You can buy land, commodities, stocks, bonds, commodities with some underlying value. We could feasibly use Gold as a kind of 'historical agreement' about what we value and do not (which has incumbency) - but the volatility of crypto makes it poor for 'store of value'.
4) Rapid transactions. We already have those.
Finally - we lose monetary policy and hand it over to an algorithm. No thanks.
The crypto world fail to understand what currency is, why it is used, and why we do the things we do but most fundamentally that money is a contract ultimately.
When China stores $1T in USD as excess reserves, surely, it would like to not have to depend on the US Government but there is no other way.
A USD is a contractual IOU from the economy of America - there is no way around that, no way to just magically extract the value of those trade surpluses into something that has intrinsic value.
A kind of Crypto that is backed by real assets, to replace VISA - merely to make transactions easier, might work. But any crypto backed by assets has centralized trust (fine for most people) and it would be hard to promote because it would need price stability and with price stability means you don't have millions of GenZ on their iPhone buying in.
Crypto might have a legit future but nothing on the horizon seems to fit just yet.