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

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%. Who owns the on-chain T-bills 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. For the uninitiated, a tokenized Treasury is a blockchain-based token that gives the holder exposure to US government debt. Think of it as a digital claim ticket for a bond, one that can sit in a crypto wallet and move around the clock instead of living inside a brokerage statement. A market that more than doubled The overall pie is growing fast. 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...