Chainalysis: Biggest Holders of Tokenized US Treasuries Are Outside the US
- —Italy accounts for 29.9% of geolocated tokenized US Treasury value, Portugal 18.8%, Singapore 18.2%
- —The US ranks only fourth with a 10.5% share
- —Tokenized Treasury debt grew 125% to $15.42 billion in the year to July 1, 2026
- —US government debt is the largest on-chain RWA, at 42.8% of all tokenized value
Why it matters: Foreign demand for tokenized Treasuries and dollar stablecoins channels funding into US debt, undercutting local currencies and non-dollar stablecoin issuers.
Source: BeInCrypto