Foreign Holders in Italy, Portugal, and Singapore Lead Tokenized US Treasury Ownership Over US Holders

According to Chainalysis, holders in Italy (29.9%), Portugal (18.8%), and Singapore (18.2%) own a larger share of geolocated tokenized US Treasury value than US holders, who rank fourth at 10.5%. Tokenized Treasury debt grew 125% in the 12 months ending July 1, 2026, from $6.86 billion to $15.42 billion, making US government debt the largest real-world asset (RWA) on-chain at 42.8% of all tokenized RWA value. Tokenization allows retail investors in locations like Lisbon or Singapore to access wholesale instruments without a US brokerage account, and these buyers tend to hold rather than collateralize the assets. Furthermore, dollar stablecoins, which are largely backed by short-dated US government debt, create a secondary channel for foreign demand, with dollar tokens accounting for 99.1% of stablecoin order book volume.