The European Central Bank (ECB) released its report “The international role of the euro” on June 2. It shows that by the end of 2025, gold’s market value share in global official reserves reached 27%, surpassing U.S. Treasuries (22%) and the euro (15%), becoming the top asset in global official reserves. The ECB clearly stated that the main reason for the change in this ranking was valuation effects, rather than countries’ central banks directly selling Treasuries and swapping into gold.
Reserve shares and valuation effects: the key figures from the ECB report
According to the ECB’s “The international role of the euro” report (end-2025 data):
Gold: 27% share of global official reserves
U.S. Treasuries: 22%
Euro: 15%
In the report, the ECB explicitly said: “Gold’s share now exceeds the euro (15%) and U.S. Treasuries (22%).” The report also emphasized that this change in ranking mainly reflects valuation effects, not a direct replacement of holdings of government bonds. The ECB also pointed out gold’s structural constraints: its price volatility is high, it has no yield, physical holdings require storage costs, and supply cannot expand smoothly enough to meet liquidity needs.
Top official gold buyers: purchase volumes confirmed by each country’s central banks
Based on official data cited by the ECB report, the cumulative net increase in holdings since Russia’s full-scale invasion of Ukraine:
China: 350+ tonnes
Poland: 320 tonnes (the largest official gold buyer globally in 2025)
Turkey: 220 tonnes
India: 130 tonnes
Tether (stablecoin issuer): 100+ tonnes
Total global central bank official gold purchases in 2025 were about 850 tonnes, lower than the annual level of more than 1,000 tonnes in each year from 2022 to 2024, but still at a relatively high level by recent standards. In the same period, private investment demand reached about 2,200 tonnes, nearly doubling from 2024; gold ETFs attracted a record $89 billion in net inflows.
The ECB specifically noted Tether’s gold purchases: “This highlights the broader macroeconomic impact that stablecoin growth could bring.”
ECB’s supplementary assessment: the dollar reserve system still dominates, with geopolitical factors as the driver
The ECB’s overall assessment in the report is as follows: the global foreign exchange reserves system is still centered on the U.S. dollar, but “no longer so rigid.” The report explicitly links central bank gold demand with geopolitical risk: “Gold purchases may also reflect some central banks’ efforts to strengthen the resilience of their balance sheets in response to rising geopolitical risks.”
The ECB also flagged risks: if the gold price falls, the leading position driven by price dynamics for gold could reverse accordingly.
FAQ
Why did the ECB emphasize that gold surpassing U.S. Treasuries this time was mainly due to valuation effects?
The ECB clearly explained that the share of gold surpassing U.S. Treasuries was mainly because the gold price rose by about 60% in 2025 (plus 30% in 2024), naturally increasing gold’s share in the total amount of global official reserves, rather than central banks massively selling U.S. Treasuries and swapping into gold. Based on the gold price at the end of 2023, gold’s share was only 16%, below the 26%+ share of U.S. Treasuries.
What is the background behind Poland becoming the world’s largest gold buyer in 2025?
According to the ECB report, Poland has cumulatively added 320 tonnes of gold since Russia’s full-scale invasion of Ukraine and has been confirmed as the largest official gold buyer in 2025. The ECB links overall official gold demand with the management of geopolitical risk, arguing that central banks’ gold accumulation reflects demand for stronger balance sheet resilience—especially in relation to geopolitical shocks and reliance on a single reserve asset.
What does Tether buying more than 100 tonnes of gold imply for the stablecoin market?
The ECB report singled out Tether’s gold purchases, stating that “this highlights the broader macroeconomic impact that stablecoin growth could bring.” The ECB did not provide further policy assessments or a regulatory stance regarding Tether’s gold purchases, but the fact that these purchases are included in official reserve statistics marks that the asset allocation behavior of private stablecoin issuers has entered the official analysis framework at the central-bank level.
