The role of gold has not changed, but the infrastructure surrounding gold is undergoing profound changes.
Recently, at the Bloomberg New Economy Forum held in Singapore, several leaders from global financial institutions conveyed a common message: global asset allocation is shifting from a "single currency system" to a "diversified asset system." In this structural transformation, gold is returning to a central position in the global reserve and investment system.
Consensus Signal from the Singapore Forum: The Global Asset System is "De-Singularizing"
Jenny Johnson, CEO of Franklin Templeton, stated that she believes the dominance of the U.S. dollar will not disappear in the short term, but "the real question is to what extent this dominance will be eroded," implying that future global asset allocation should no longer rely entirely on a single currency anchor.
Danny Yong, founder of Dymon Asia Capital, expressed from an asset allocation perspective that under high debt and loose expectations, savings should not remain solely in fiat currency assets but should be allocated more towards scarce assets (such as gold and equity assets). This aligns with the recent trend of some central banks increasing the proportion of gold in their reserves: by increasing holdings of "hard assets" and non-U.S. dollar assets, they are structurally diversifying their exposure to a single fiat currency.
Ravi Menon, former president of the Monetary Authority of Singapore (MAS), pointed out from a systemic perspective that the public debt situation in major developed economies will worsen, bluntly stating that "so-called risk-free assets are no longer truly risk-free." In his view, this poses a substantial challenge to the existing system that heavily relies on U.S. dollar asset pricing.
Although the three speakers come from different institutions and fields, their views exhibit a high degree of consistency: asset allocation is transitioning from a "dollar-centric" model to a "multi-asset, multi-anchor" system. Gold is one of the most critical systemic assets in this transformation.
Structural Erosion of the Dollar's Dominance: A Key Variable Driving Diversification
The judgments behind the experts' statements are not emotional but based on a series of quantifiable long-term trends:
- The continuous rise in U.S. debt increases the risk premium of the dollar.
Data from the U.S. Treasury shows that the scale of federal debt has been on a long-term upward trend, and the market's debate over the pricing logic of "risk-free assets" has intensified, raising global demand to hedge against dollar fluctuations.
- Geopolitical cycles reinforce the motivation for "de-singularization" in allocation.
Official reserve data from the IMF and the WGC's central bank gold survey indicate that the dollar's share in global foreign exchange reserves has slightly declined from its peak in recent years, with some countries increasing their gold and other asset holdings to structurally diversify their exposure to a single dollar asset.
- Global capital flows are becoming more diversified.
Funds are being redistributed from U.S. bonds or dollar assets to diversified assets (gold, commodities, and non-U.S. equities).
"Diversification" is no longer just an asset management strategy but is increasingly becoming a systemic adjustment.
The dollar system itself remains strong, but its role as the "sole center" is being redefined by diversification trends.
Central Banks Increasing Gold Holdings: The Most Representative Long-Term Structural Change
A Bloomberg report on October 29, 2025, noted that despite high gold prices, global central banks continued to net increase their gold holdings this year. This trend is consistent with the quarterly reports from the WGC (World Gold Council). The continued accumulation of gold by central banks signifies:
● A systematic increase in the weight of gold in the global reserve structure.
● A hedge against the long-term risks of a single currency system.
● An emphasis on gold as a "system-neutral asset."
This is not a short-term trading behavior but a long-term judgment on the resilience of the future monetary system.
Repositioning Gold in the New Monetary Framework: The Unique Value of Cross-System Assets
In the emerging diversified asset framework, the value of gold is being reassessed, primarily due to the following structural characteristics:
- Gold does not rely on the credit of any single country.
Its value is not directly affected by the policies, debts, or political risks of any single country.
- Gold is a cross-system reserve asset (across fiat currencies, systems, and politics).
It is one of the few "neutral assets" widely accepted by both developed markets and emerging economies.
Gold is a hedge against long-term inflation and currency volatility.
Gold exists simultaneously in both the TradFi and DeFi worlds.
It is currently one of the few asset classes that can circulate bidirectionally in both traditional finance and digital asset ecosystems.
Therefore, gold's return to the center of the global asset system is not due to short-term price increases but rather a renewed recognition of its cross-system attributes.
Structural Limitations of Traditional Gold: "Mismatch" in the Digital Age
Despite the increasing importance of gold, traditional methods of holding gold have significant limitations:
● High costs of purchase and custody.
● Low efficiency in cross-border circulation.
● Inability to verify authenticity on-chain.
● Difficulty in smoothly integrating into digital portfolio management systems.
● Transparency of reports relies on custodians.
As a result, both institutions and investors are seeking gold infrastructure that is more compatible with the digital age.
On-Chain Gold: Reshaping Reserve Assets with Digital Infrastructure
On-chain gold represents an upgrade of gold's infrastructure in the digital age, rather than a replacement of the asset. The core value of on-chain gold lies in its ability to provide:
● Verifiability: On-chain verification of corresponding gold bar numbers and reserves.
● Transferability: Free cross-border transfers.
● Integrability: Easier inclusion in digital asset portfolio management.
● Auditability: Transparency of custody and on-chain records.
It represents the third evolution of gold: from the physical gold era to the paper gold/ETF era, and now to the on-chain gold (digital verification + physical reserve) era. This trend is not driven by any single company but is propelled by the global development of asset digitization technology. In this trend, on-chain gold products like XAUm have established a relatively clear structured framework. For example, the digital gold XAUm issued by Matrixport's RWA platform Matrixdock features:
● Each XAUm corresponds to 1 troy ounce of 99.99% LBMA certified gold.
● Gold is held in custody by professional institutions such as Brink’s and Malca-Amit.
● On-chain verification of gold bar numbers.
● Free transfer between on-chain wallets.
The significance of these products lies not in creating "new gold," but in enabling gold to adapt to digital management methods across countries, institutions, and systems.
Towards a Diversified Asset System: Gold as a Structural Stabilizer, On-Chain Gold as a Technological Extension
The statements from experts at the Singapore forum reflect the deep changes occurring in the global asset system:
● No longer solely reliant on the dollar.
● The structure of reserve assets is diversifying.
● Gold is reaffirmed as the neutral anchor at the center of the system.
● Digital infrastructure will reshape the way traditional reserve assets are utilized.
The conclusion is clear: the role of gold has not changed, but the infrastructure surrounding gold is undergoing profound changes. The emergence of on-chain gold allows gold to adapt to the trends of digitalization, cross-border integration, and real-time management in global asset allocation. In the future structure of "multiple anchor points and multiple systems," gold will remain core, while digital gold (on-chain gold) will become its new form of expression.
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