This continues a multi-decade trend of modest de-dollarization… Much of the recent drop (e.g., ~92% in some quarters) has been attributed to exchange-rate effects (the dollar weakening against other currencies), rather than massive active diversification away from USD assets by central banks.

That graph is rubbish. Why does the y-axis start at 40?

The acceleration is structural, not cyclical. When neutral settlement layers are weaponized, sovereigns logically seek redundancy. We are witnessing the quiet shift from trust-based reserves to bearer-asset reserves.