Chainalysis's 2026 North America report says holders in Italy account for 29.9% of geolocated tokenized US Treasury value. Holders in Portugal account for 18.8%. Holders in Singapore account for 18.2%. The United States ranks fourth at 10.5%, with most geolocated value held outside the United States.
Tokenized Treasury debt grew 125% in the 12 months ending July 1, 2026, from $6.86 billion to $15.42 billion. US government debt was the largest category of on-chain real-world assets (RWAs), accounting for 42.8% of all tokenized RWA value. BlackRock's BUIDL fund regained the top position among tokenized Treasury products in late August.
Holders in Japan account for 16.4% of geolocated holders, the largest share of any country. However, holders in Japan account for just 0.4% of geolocated value. Chainalysis says a small group of large foreign holders drives the market, while a broader retail base builds smaller positions. The report says tokenization lowers minimum investments and removes the need for a US brokerage account. The report says those changes let retail investors in Lisbon or Singapore buy a wholesale instrument directly. The report finds that these buyers tend to hold tokenized Treasuries rather than use the products as collateral. Treasury lending activity contracted 23% over the period, making Treasury lending the only RWA lending category to shrink. Chainalysis says foreign purchases of tokenized Treasury products create demand for US government debt rather than the buyers' domestic government debt.
Stablecoins provide a second channel for foreign demand for US government debt. Tokens from US issuers are backed largely by short-dated US government debt. The report notes that foreign purchases of dollar stablecoins therefore also increase demand for that debt. Dollar tokens account for 99.1% of stablecoin order book volume. However, euro stablecoins account for just 0.45%, despite improved conditions for euro token issuers under the European Union's Markets in Crypto-Assets regulation. Circle, the US-based issuer of USD Coin (USDC), reported $73.3 billion in circulation at quarter end, up 19% from a year earlier.
Stablecoins accounted for 44% of Canadian dollar order book trading by June 2026, up from 30% a year earlier. USDC led that share, while little trading flowed to Canadian dollar stablecoins. Canadian Web3 Council Executive Director Morva Rohani said dollar stablecoin purchases create demand for US government debt that Canadian debt could otherwise capture. Rohani said Canada's policymakers are following the trend closely.
Canada's Stablecoin Act received Royal Assent on March 26, 2026, clearing the way for Canadian dollar tokens. The full regime still depends on supporting regulations. Canadian dollar stablecoins remain small compared with US dollar stablecoins. Chainalysis says local alternatives will need market adoption, not just new laws, to close the gap.
Foreign Holders Dominate Tokenized US Debt Market, Chainalysis Report Reveals
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Summary
daily market report: Chainalysis’s 2026 North America report shows Italy leads with 29.9% of tokenized US Treasury value, followed by Portugal at 18.8% and Singapore at 18.2%. The US ranks fourth at 10.5%. Tokenized debt hit $15.42 billion, up 125% in a year. weekly market report highlights US government debt as the top on-chain RWA category at 42.8%. BlackRock’s BUIDL fund reclaimed top spot in late August. Tokenization lowers entry barriers, enabling retail investors in Portugal and Singapore to access wholesale instruments. Treasury lending dropped 23%, the only RWA category to shrink. Foreign demand boosts US debt, not domestic. US dollar stablecoins dominate, with USDC at $73.3 billion. In Canada, stablecoins made up 44% of CAD order books by June 2026.
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