Chainalysis: The proportion of tokenized U.S. Treasury holdings in the U.S. is only 10.5%

According to Chainalysis data, among the tokenized U.S. Treasury assets where the geographical location of holders can be identified, the holdings of Italy, Portugal, and Singapore account for 29.9%, 18.8%, and 18.2% respectively, totaling 66.9%; the United States accounts for 10.5%, ranking fourth. The proportion of holders from Japan is 16.4%, the highest among all countries, but the value of their holdings only accounts for 0.4%, indicating that the value of holdings is mainly concentrated among a few large overseas investors.

The report indicates that in the past year up to July 1, 2026, the scale of tokenized U.S. Treasuries grew by 125%, rising from $6.86 billion to $15.42 billion. Chainalysis believes that tokenization has lowered the minimum investment threshold and allows some overseas investors to gain exposure to U.S. Treasuries without needing to open a U.S. brokerage account.