Overseas capital now controls the clear majority of tokenized US treasuries.
Chainalysis 2026 data shows that three countries alone—Italy, Portugal, and Singapore—account for 66.9% of all geolocated holdings. United States (US)-based investors hold just 10.5%.
Which Countries Hold the Largest Share of Tokenized US Treasuries?
Italy, Portugal, and Singapore together dominate the map. Their combined 66.9% share far exceeds every other region tracked.
The concentration points to strong demand from European and Asian investors seeking direct exposure to US government debt through on-chain channels.
How Much of Tokenized US Treasuries Do US Investors Hold?
Domestic holders control only 10.5% of the geolocated total. That relatively small slice stands in contrast to traditional treasury markets, where US institutions and households typically play a larger role.
The gap shows how tokenization has opened the asset class to a different buyer base.
Why Are Overseas Investors Attracted to Tokenized US Treasuries?
Tokenization lowers the minimum position size and removes the requirement for a US brokerage relationship.
Overseas participants can therefore gain exposure without navigating the usual account-opening and compliance hurdles that once limited access.
Many appear to value the combination of yield, safety, and on-chain transferability.
What Advantages Does Tokenization Offer for Accessing US Treasuries?
Beyond lower entry thresholds, tokenization enables faster settlement and round-the-clock transferability.
Investors can move positions across borders more easily than with conventional treasury holdings.
At the same time, the underlying securities remain backed by US government debt, preserving the core credit profile that attracts global capital.
What Does This Shift Mean for the Broader Market?
The heavy overseas weighting expands the buyer pool and potentially deepens liquidity for the entire sector.
New demand from Italy, Portugal, Singapore, and similar markets can support further issuance.
Yet, the geographic concentration also creates a holder base that traditional US market infrastructure never directly onboarded.
Tokenized US treasuries stakeholders must continue to monitor whether this overseas dominance grows or begins to diversify.
The latest figures make one trend unmistakable: tokenized US treasuries have become a meaningful channel for international investors seeking US government debt.
The 66.9% share held by just three countries already reshapes the ownership map of this emerging asset class.
