Gold is performing an astonishing comeback. According to the latest data, the global official gold reserves outside the United States have approached the amount of U.S. Treasury securities held overseas, and a shift in reserve asset status is quietly underway.

Numbers speak for themselves. The World Gold Council's latest statistics released this month show that the total gold holdings of central banks worldwide have exceeded 900 million troy ounces. Based on the gold price as of November 30, the total value of these gold reserves is approximately $3.82 trillion. During the same period, the total overseas holdings of U.S. long- and short-term bonds are about $3.88 trillion — the gap between the two is now nearly zero.

What’s even more noteworthy is that, if revalued at the end-of-year gold price, the total value of gold reserves has reached $3.93 trillion, meaning gold has surpassed U.S. debt to become the largest official reserve asset outside the U.S.

This is not just a numerical change; it reflects a profound adjustment in the global reserve system. Over the past year, geopolitical tensions, doubts about the dollar’s creditworthiness, and persistent inflation pressures have prompted central banks worldwide to reconsider their reserve asset allocations. Many central banks are accelerating their gold purchases, essentially optimizing their reserve structures and reducing reliance on a single sovereign currency asset. This de-dollarization trend has become an irreversible global wave.

For the crypto community, this shift carries deep implications. The trend of central banks moving from dollar assets to hard assets in general confirms concerns about the traditional monetary system. And these concerns are, in fact, the fundamental driving force behind many people's embrace of cryptocurrencies and decentralized finance.