It depends. There are a few different “master” clocks in use across the world.
For example, the US Military uses the atomic clocks located at the US Naval Observatory and maintained by the Precise Time Department. They use dozens of cesium-beam standards and hydrogen masers, which, when averaged together and sampled every 100 seconds, provided a uniform time scale with a precision of about one nanosecond (10-9 s) per day, averaged over a year.
Those clocks don’t “refer” to anything. They are the standard and what ever they say the time is is the time.
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