US Treasury Bonds Fall from "Throne"

In the global central bank reserve asset inventory, US Treasury bonds have long held the top spot, which has been an unspoken consensus in the international financial community for nearly the past 30 years. However, the annual report recently released by the European Central Bank quietly rewrote this long-standing seating arrangement. By the end of 2025, the proportion of gold in the total global official reserve assets has risen to 27%, while the proportion of US Treasury bonds has slipped from 25% at the end of 2024 to 22%. As a result, the title of the largest asset in global official reserves has officially changed hands.