Chainalysis: U.S. Holdings in Tokenized U.S. Treasuries at 10.5%

Huo Xing Finance reports, 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 holding value respectively, totaling 66.9%; the U.S. ranks fourth at 10.5%. Japan has the highest number of holders at 16.4%, but its holding value represents only 0.4%, indicating that holding value is concentrated among a few large overseas investors. The report notes that over the past year ending July 1, 2026, the size of tokenized U.S. Treasuries increased by 125%, rising from $6.86 billion to $15.42 billion. Chainalysis believes that tokenization has lowered minimum investment thresholds and enabled certain overseas investors to gain exposure to U.S. Treasuries without needing to open a U.S. securities brokerage account.