Tokenized US Treasuries Reach $15.42B After 125% Year-Over-Year Growth

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.

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