Chainalysis: Italy, Portugal and Singapore hold 66.9% of tokenized US Treasuries

Chainalysis reports that Italy, Portugal, and Singapore together hold 66.9% of tokenized US Treasuries, underscoring how concentrated foreign ownership of these on-chain debt products has become. The finding is a data point on global investment flows rather than a market-moving event, with no specific token or protocol named. Traders watching the tokenized RWA sector may note the geographic concentration as a sign of where demand for on-chain yield is coming from.