Investors in Italy, Portugal and Singapore held 66.9% of the geolocated value of tokenized US Treasuries on July 1, 2026, according to Chainalysis’s 2026 North America report. US holders accounted for 10.5%, placing them well behind the combined holdings of those three countries.
Key takeaways
- Italy ranked first by geolocated Treasury value, with a 29.9% share.
- The tokenized Treasury market reached $15.42 billion, growing 125% year over year.
- Treasury lending activity dropped 23%, unlike other tokenized real-world asset lending segments.
Who owns tokenized US Treasuries?
Italy held the largest share of geolocated Treasury value at 29.9%, followed by Portugal with 18.8% and Singapore with 18.2%. American investors represented 10.5% of that value in the Chainalysis data.
Japan led on a different measure: it accounted for 16.4% of geolocated holders, the highest proportion of any country. Those investors held only 0.4% of total value, a sharp contrast between Japan’s share of holders and its share of Treasury holdings.
A tokenized Treasury is a blockchain-based token providing exposure to US government debt. Holders can keep these tokens in crypto wallets and transfer them around the clock.
A $15.42 billion market
Chainalysis valued tokenized US Treasuries at $15.42 billion, compared with $6.86 billion a year earlier—a 125% increase.
Treasury products represented 42.8% of the total value of tokenized real-world assets, or RWAs. The figures place US government debt alongside the broader tokenization market while showing that Treasury products account for a substantial share of its value.
Lending falls as BUIDL retakes the lead
Lending activity involving tokenized Treasuries declined 23% over the period covered by the report. It was the only RWA lending category to contract; other segments remained steady or grew.
Among tokenized Treasury products, BlackRock’s BUIDL fund returned to the top ranking in late August 2026.
Article produced with the assistance of artificial intelligence and reviewed by the editorial team.