As of the end of 2025, gold has replaced U.S. Treasury bonds as the world's largest reserve asset. Currently, global central banks hold over 36,000 tons of gold, approaching the peak level of 38,000 tons during the Bretton Woods system era. In 2025, global central banks' net gold purchases reached 850 tons, slightly slowing down compared to the previous three years' annual average of over 1,000 tons. Since 2022, China, Poland, Turkey, and India have been the major gold-accumulating countries globally. However, in 2025, stablecoin company Tether became the largest single buyer, purchasing over 100 tons of gold. Dollar-denominated assets still account for 42% of global reserves, maintaining the largest share.