Chainalysis A 2026 North American report indicates that as of July 1, 2026, investors from Italy, Portugal, and Singapore held 66.9% of the value of tokenized U.S. Treasury bonds. U.S. holders accounted for 10.5%, which is significantly lower than the combined holding size of these three countries.

Key Points

• Calculated based on the value of the identified government bonds, Italy ranks first, accounting for 29.9%.
• The tokenized government debt market has reached a scale of $15.42 billion, representing a year-on-year increase of 125%.
• Treasury bond lending activities have decreased by 23%, which is different from other tokenized real-world asset lending sectors.

Who holds tokenized U.S. Treasury bonds?

In the data of Chainalysis, Italy ranks first with a 29.9% share of the value of located government bonds, followed by Portugal at 18.8% and Singapore at 18.2%. American investors account for 10.5% of this value.

Japan leads in another indicator: accounting for the number of identified holders, Japan accounts for 16.4%, which is the highest among all countries. However, these investors only hold 0.4% of the total value, indicating a clear discrepancy between the proportion of holders and the proportion of value held in government bonds in Japan.

Tokenized government bonds are blockchain-based tokens that allow holders to gain exposure to U.S. government debt. Holders can store these tokens in encrypted wallets and transfer them around the clock.

A market worth $15.42 billion

Chainalysis estimates the tokenization of U.S. Treasury bonds to be worth $15.42 billion, up from $6.86 billion a year ago, representing a growth of 125%.

Treasury products account for 42.8% of the total value of tokenized real-world assets ( RWA ). These figures place U.S. government debt within the broader context of the tokenization market, while also demonstrating that treasury products hold a considerable proportion in their value composition.

Lending declines, BUIDL returns to the top spot

During the reporting period, lending activities involving tokenized government bonds decreased by 23%. This is the only lending category that showed contraction (RWA); other sectors remained stable or saw growth.

In the tokenized government bond products, the BUIDL fund of BlackRock returned to the top in late August 2026.

This article was generated with the assistance of artificial intelligence and has been reviewed by an editorial team.