Holders in Italy, Portugal and Singapore controlled 66.9% of geolocated tokenized US Treasury value as of July 1, 2026, according to Chainalysis’s 2026 North America report. American holders accounted for just 10.5% of that value.
Who owns the on-chain T-bills
Italy leads with 29.9% of geolocated value, followed by Portugal at 18.8% and Singapore at 18.2%. Japan has the largest number of geolocated holders at 16.4% of the holder count, but those holders represent only 0.4% of total value.
A tokenized Treasury is a blockchain-based token that gives the holder exposure to US government debt. It functions as a digital claim on a bond that can be held in a crypto wallet and transferred around the clock, rather than remaining inside a brokerage account.
A market that more than doubled
Chainalysis puts the total value of tokenized US Treasuries at $15.42 billion, up 125% from $6.86 billion a year earlier. Tokenized Treasuries now make up 42.8% of the total value of all tokenized real-world assets (RWAs).
The report cites two practical reasons foreign investors are leaning in: tokenization lowers minimum investment thresholds, and it removes the need for overseas investors to open a US brokerage account.
Holding, not lending
Lending activity in tokenized Treasuries fell 23% over the period, making it the only RWA lending segment to decline. Every other category of tokenized real-world asset lending held up better.
On the product side, BlackRock’s BUIDL fund reclaimed the top spot among tokenized Treasury products in late August 2026.
