Chainalysis: Italy, Portugal and Singapore hold 66.9% of tokenized US Treasuries

Foreign holders dominate the $15.42 billion on-chain Treasury market while Americans account for just 10.5% of geolocated value The US government issues the debt. When that debt moves on-chain, though, Americans are mostly watching from the sidelines. According to Chainalysis’s 2026 North America report, holders in Italy, Portugal, and Singapore controlled 66.9% of geolocated tokenized US Treasury value as of July 1, 2026. American holders accounted for just 10.5%. Italy leads the pack with 29.9% of geolocated value. Portugal comes next at 18.8%, and Singapore sits close behind at 18.2%. Japan has more geolocated holders than any other country, at 16.4% of the holder count. Yet those Japanese holders represent only 0.4% of total value. Plenty of wallets, modest balances.

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