The International Monetary Fund (IMF) data for the third quarter of 2025 shows that the dollar accounts for 56.92% of global foreign exchange reserves; in the field of international payments, the latest SWIFT data indicates that in January 2026, the dollar accounted for about 49.7% of global payment shares. Although the dollar still dominates the global monetary system, its credibility has been continuously declining compared to a decade ago, which is a widely recognized fact in the market, and the global monetary order is at a turning point.
<h2>The Global Dilemma of &#34;Passive Dependence&#34; on the Dollar</h2>
Moody's downgraded the U.S. sovereign rating to Aa1 in May 2025, citing a continuous deterioration in U.S. fiscal strength. The dollar is losing global trust, and the large-scale gold purchases by central banks in emerging countries are a signal of declining confidence in the dollar.
As of March 2026, the scale of U.S. national debt is $38.86 trillion. The non-farm payrolls in February 2026 unexpectedly decreased by 92,000, and since 2020, the U.S. CPI has cumulatively risen by 26.7%. High debt, weak employment, and inflationary pressures—each set of numbers clearly points to the continuous weakening of the dollar's value stability.
Why does global trade and reserves still predominantly use the dollar? The answer is actually a reluctant choice—other major currencies each have fatal flaws and cannot find better alternatives in the short term. The euro is deeply mired in geopolitical war risks, with factors such as the Russia-Ukraine conflict and the European energy crisis severely undermining its stability; currencies like the yen and pound do not have the economic scale to bear the responsibilities of an international currency; although the renminbi has risen rapidly, it has not yet achieved full convertibility, and there is still a long way to go.
Therefore, from a realistic perspective, even if the dollar's credibility is declining, the world still has no choice but to continue using the dollar. Where there are problems, there are solutions, and I believe a brand new monetary system is quietly brewing, with everyone unconsciously choosing gold.
<h2>Gold Becomes the De Facto Greatest Common Divisor</h2>
Gold is a natural carrier of currency, with extremely strong stability (it does not oxidize, corrode, or rust), and has high density, low production, and great value. It is easy to divide, convenient to carry, and easy to identify—these are all necessary conditions for becoming currency. Gold naturally meets these requirements and perfectly aligns with humanity's ultimate demands for currency. Historically, silver, copper, and even iron have served as currency, but humanity ultimately chose gold.
The current global annual production of gold, silver, and copper is 3,500 tons, 26,000 tons, and 24 million tons, respectively. Theoretically, silver can also serve as a qualified currency, and historically it has indeed done so. However, specifically today, the role of silver has undergone significant changes. The industrial properties of silver have far exceeded its monetary properties, with an annual output of 26,000 tons, and industrial demand alone reaching 22,000 tons. For example, the photovoltaic industry requires at least six to seven thousand tons annually, the automotive industry needs over two thousand tons, and other sectors like power grids, transformers, and electronic welding also have huge demand. Industrial silver demand has grown by 6% annually over the past five years, while the growth rate of silver production is only 2%. Therefore, silver is a good long-term investment, but its monetary properties have significantly weakened compared to gold
Currently, the global market value of gold is $33.7 trillion, while silver is only $4.3 trillion, and basically, all central banks have gold reserves, but not silver. Therefore, if only one item can be chosen as an alternative currency, gold remains the greatest common denominator.
Some may argue that cryptocurrencies (Bitcoin) also have scarcity and can be artificially capped, making them more scarce than gold. However, their acceptance compared to gold still differs significantly. As of today (March 19, 2026), Bitcoin's market value is only $1.4 trillion, and many countries do not recognize its value. Thus, if only one item can be chosen as an alternative currency, gold remains the greatest common denominator.
In the global practice of active or passive de-dollarization, gold has naturally been chosen. The BRICS nations launched a gold-backed digital currency called &#34;Unit&#34; in October 2025, where 1 &#34;Unit&#34; corresponds to 1 gram of gold. It is backed by 40% physical gold and 60% reserves of BRICS countries' currencies, with equal weight for the Brazilian real, Chinese yuan, Indian rupee, Russian ruble, and South African rand. After calculating the net balance of trade among member countries, settlements are directly completed using &#34;Units.&#34; Although this initiative has not yet become official policy, its existence represents a direct step towards embracing gold and moving towards de-dollarization, while these countries are also increasing their gold reserves.
The Hong Kong government announced that it will expand its gold storage capacity to over 2,000 tons within the next three years and trial a gold central settlement system in 2026. This will not only make Hong Kong a hub for gold reserves and trading in Asia but also allow it to seize opportunities in the new international financial order. These signals indicate that gold is becoming a new currency anchor, which is no longer just a theoretical discussion but is gradually becoming a reality.
<h2>RWA Gives Gold &#34;Wings&#34;</h2>
For gold to truly assume a stronger currency anchor function, it faces a very practical problem: traditional physical gold is inconvenient for large-scale cross-border settlements and high-frequency trading, and the costs are relatively high, limiting further use of gold.
The emergence of gold RWA will change this situation, giving traditional gold &#34;digital wings,&#34; transforming gold from a cumbersome reserve into an on-chain digital asset, enabling 24-hour trading, and significantly enhancing gold's liquidity. The most representative product is Tether's Tether Gold (XAUT), where 1 XAUT corresponds to 1 ounce of gold stored in Swiss vaults. Both traditional financial institutions and ordinary investors can hold and trade gold more conveniently.
Delin gradually increased its gold holdings in April 2025 and announced in October that it had made an initial investment of $5 million in Tether Gold (XAUT) and plans to further purchase and distribute XAUT worth up to $100 million over the next 12 months. Currently, the XAUT holdings of Delin show very considerable returns.
Today's spot price of gold is $4,854, at a temporary low point. We believe that now is the strategic window for laying out gold. Gold is becoming the greatest common denominator of the new currency anchor, which is no longer just a speculation but a gradually clearer fact
Chen Ningdi
Chairman of Delin Holdings Group
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Data from the International Monetary Fund (IMF) shows that the U.S. dollar accounts for 56.92% of global foreign exchange reserves, but its credibility continues to decline. Moody's has downgraded the U.S. sovereign rating to Aa1, reflecting the deterioration of the U.S. fiscal strength. Although the dollar still dominates global trade and reserves, the significant gold purchases by central banks in emerging countries indicate a waning confidence in the dollar. Gold, due to its stability and other advantages, may become an important component of the future monetary system

Is the monetary attribute of gold returning? | Chen Ningdi