The movement isn't recent, but it has accelerated significantly since 2020.

While Treasury holdings fell from over $1 trillion to $682 billion, gold reserves rose to record levels above 74 million ounces.

The message is clear: diversify away from dollar-denominated assets and reduce exposure to US debt.

Considering trade and geopolitical tensions, this trend is likely to continue.

Other emerging market central banks are following a similar trajectory.

De-dollarization is happening slowly, but it is happening.