Foreign Holders Outpace U.S. in On‑Chain US Treasury Token Holdings
Current overview (not historical)
Chainalysis reports that tokenized U.S. Treasury bonds have grown 125% over the past year, rising from $686 million to $1.542 billion, making them the largest real‑asset token on the blockchain. The analysis shows that holders in Italy, Portugal, and Singapore each own a larger share of tokenized Treasury than U.S. holders. In the United States, Treasury token ownership ranks fourth, accounting for only 10.5% of the total. The findings suggest a significant international appetite for on‑chain U.S. debt, raising questions about cross‑border liquidity and regulatory oversight in the emerging tokenized bond market.
Written with AI from the reporting · updated 10/14/2026
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- 1Unclassified fact stationJul 1, 00:00recorded Oct 14, 22:23single source
Chainalysis报告：外国持有者持有美国国债代币化价值份额超美国持有者
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- Subject：
- Chainalysis
- Action：
- 发布2026北美报告
- Object：
- tokenized US Treasury value
- Occurred (fact side)：
- Jul 1, 00:00
- Published (valid side)：
- Oct 14, 21:48
- First seen (known side)：
- Oct 14, 22:23
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- BeInCryptoRelated fact: single sourceForeign Holders in Italy, Portugal, and Singapore Lead Tokenized US Treasury Ownership Over US Holders
Report first recorded Oct 14, 22:23
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.
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