Foreign Buyers Hold 67% of Tokenized US Treasuries

Investors outside the United States control the majority of identifiable tokenized U.S. Treasuries, according to research published by blockchain analytics firm Chainalysis. Holders based in Italy, Portugal, and Singapore account for a combined 66.9% of the market value for which geographic locations could be identified, while domestic U.S. investors represent 10.5%.

The findings were released in Chainalysis's report titled "North America: Inside the Growth of Agentic Commerce." The firm revealed that the total value of tokenized U.S. Treasury assets surged 125% over the 12 months ending July 1, 2026, increasing from $6.86 billion to $15.42 billion. The growth reflects how blockchain-based products enable international investors to access U.S. sovereign debt without opening conventional American brokerage accounts.

Concentration in European and Asian Markets

Among holders with identified locations, Italy led all jurisdictions by accounting for 29.9% of total value. Portugal ranked second with an 18.8% share, followed closely by Singapore at 18.2%. The United States placed fourth globally at 10.5%.

The report highlighted substantial divergence between the number of individual holders and total capital allocated. Japan represented 16.4% of all identified tokenized Treasury holders—the largest single share by wallet count—yet Japanese investors controlled only 0.4% of total recorded asset value, indicating smaller individual position sizes.

Treasuries Anchor Real-World Asset Sector

Tokenized U.S. debt emerged as the single largest category in the real-world asset landscape, accounting for 42.8% of the $36.07 billion RWA market tracked by Chainalysis. While the overall tokenization market expanded 135% through the end of the second quarter of 2026, corporate credit and private equity logged faster percentage gains from smaller baselines, rising 3,156% and 1,340% respectively.

Key facts

• Italy, Portugal, and Singapore represent 66.9% of identifiable tokenized U.S. Treasury value, led by Italy at 29.9%.
• U.S.-based holders account for 10.5% of geolocated holdings, ranking fourth worldwide.
• Total tokenized U.S. Treasury value expanded 125% year-over-year to $15.42 billion through July 1, 2026.
• Japan leads global holder count at 16.4% but represents only 0.4% of recorded asset value.