Global central banks now hold more gold (27%) than US Treasury bonds (22%) in their reserve assets, marking a significant shift in global reserve composition. Gold's share jumped from 20% in 2024, driven by a 64% price surge, while Treasuries declined from 25%. Overall dollar assets fell from 64% to 57% of reserves over the past decade.

The trend reflects geopolitical tensions, with Russia reducing dollar holdings after its 2022 invasion of Ukraine. Countries geographically distant from the US have actually increased dollar assets. China's yuan remains marginal at just 4% of global exports, though its Treasury holdings appear halved since 2013.

Despite reserve shifts, the dollar maintains dominance through $14 trillion in offshore liabilities since 2000. The ECB reports dollar invoicing for exports remains stable at 40-54%. The dollar's supremacy persists until trust in the Federal Reserve's swap lines breaks down, making reserve changes less a question of if but when.