The Biggest Buyers of On-Chain US Debt Aren’t Where You’d Expect
Holders in Italy, Portugal, and Singapore each own a larger share of geolocated tokenized US Treasury value than US holders, according to Chainalysis. The US ranks fourth at 10.5%. Its 2026 North America report argues that foreign stablecoin and tokenized Treasury buyers add demand for US debt. A Retail Route Into a Wholesale Market Tokenized The post The Biggest Buyers of On-Chain US Debt Aren’t…
Chainalysis data shows that holders in Italy, Portugal, and Singapore each own a larger share of geolocated tokenized US Treasury value than US holders, with the US ranking fourth at 10.5%. The firm's 2026 North America report argues that foreign stablecoin and tokenized Treasury buyers add demand for US debt. The story is informational, highlighting geographic distribution of tokenized Treasuries rather than a price-moving event for major crypto assets.
