"If all your liabilities and expenses are in USD then I don't see a need to hedge USD exposure."

Possibly the word "hedge" is misused in this case. The value of any specific currency can be looked at in (at least) two ways:

The domeestic value is related to the purchasing power of a fistfull of local currency. This is dramaticly affected by a country's rate of inflation and, to the extent imports are being bought, the sum of foreign exchangee rates, transport costs, tariffs, VAT, etc. affects their price.

The second is its relative value compared to other currencies on the foreign exchange market. It is sometimes difficult to acertain whether a currency is going up or others are going down. An example was during the "Great Recession", both gold and the Ustralian Dollar rose compared to the US dollar, but for a considerable period of time, gold was flat if you were looking at it from that standpoint of an Austrlian. The "value" of a currency compared to others involves its presumed stability, the interest rate paid to those holding it, etc.

A strtegy which I have used for decades is to purchase currencies which I feel offer the type of diversity I am looking for and then use them to purchase equities (generally large-cap multi-nationals that I am familiar with) on the foreign exchange of that currency (generally reinvesting the dividends).

Incidently, I use Interactive Brokers for this sort of thing.

Jeff