Call it a $48 billion headline if you need a number. The useful read is substitution. When large official accounts step back from Treasuries, they are not making a Western-media “dump” for the tape. They are choosing a different settlement language.
The substitute is rarely announced as a substitute. It shows up as bilateral energy invoices, local-currency swap lines, gold allocated in a friendlier vault, or a tokenized cash instrument that never needs a New York correspondent.
For a Wyoming operator desk the implication is dull and valuable: multi-rail mint and document packs have to speak USD, USDC, and the chain the counterparty actually answers. A single-chain sermon is a tourist brochure.