I. Introduction: A Shift in Reserve Logic

The largest companies in the world have balance sheets built to weather uncertainty. Their treasuries are designed for stability, liquidity, and scale. Traditionally, this has meant holding large reserves of U.S. dollars, government bonds, or short-duration instruments.

But today’s economic climate is challenging that orthodoxy. Persistent inflation, negative real yields, geopolitical volatility, and growing distrust in long-term monetary policy have turned “safe” assets into a silent liability. The question facing corporate finance leaders is no longer whether to act—it’s when.

And when that action comes from companies like…

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