Foreign Investors Lead Tokenized US Treasury Holdings, Chainalysis Finds
Chainalysis data shows that investors in Italy, Portugal, and Singapore hold larger shares of location-tagged tokenized US Treasury assets than those in the US, which ranks fourth at 10.5%. A 2026 North America report from the firm says foreign stablecoin and tokenized Treasury buyers are adding to demand for US government debt.
Chainalysis data indicates that among location-tagged tokenized U.S. Treasury assets, Italy, Portugal, and Singapore hold larger shares than the United States. The U.S. ranks fourth, at 10.5%.
A 2026 North America report from the firm says foreign buyers of stablecoins and tokenized Treasuries are adding to demand for U.S. government debt. Together, these findings point to non-U.S. investors playing a notable role in this corner of digital asset markets.
If foreign demand for tokenized Treasuries and stablecoins continues, it could affect how U.S. government debt is distributed and accessed. Investors outside the U.S. may gain more ways to hold dollar-linked assets, while domestic market participants could face changing competition for these instruments. Policymakers and regulators may also watch for implications for transparency, settlement, and financial stability, though the data alone does not establish broader societal outcomes.