Chainalysis: US accounts for only 10.5% of tokenized US Treasury holdings

According to Chainalysis data, among tokenized U.S. Treasury assets with identifiable holder locations, Italy, Portugal, and Singapore account for 29.9%, 18.8%, and 18.2% of holdings by value, respectively, totaling 66.9%; the United States ranks fourth at 10.5%. By number of holders, Japan leads with 16.4%, but its share of holdings by value is only 0.4%, indicating that holdings value is concentrated among a small number of large overseas investors. The report shows that in the year through July 1, 2026, the size of tokenized U.S. Treasuries grew from $6.86 billion to $15.42 billion, an increase of 125%. Chainalysis noted that tokenization not only lowers the minimum investment threshold but also allows some overseas investors to participate without opening a U.S. securities brokerage account.