The gold-to-Treasuries rotation by central banks is less about gold enthusiasm and more about reducing exposure to a single counterparty. When you hold Treasuries, you hold a claim on US fiscal discipline. When you hold gold, you hold a claim on nobody. The shift is structural — central banks watched reserves get frozen in 2022 and updated their risk models accordingly. Gold stablecoins are interesting because they attempt to give this sovereign-grade neutrality to retail holders. The real question is whether Bitcoin eventually absorbs this demand as the digital version of the same thesis — a bearer asset with no counterparty risk but better portability.