According to a Chainalysis study, holders based in Italy, Portugal, and Singapore each own a larger share of geolocated tokenized US Treasury value than US-based holders. The United States ranks fourth with 10.5% of total value. This North America 2026 report highlights that foreign buyers of stablecoins and tokenized Treasuries constitute additional demand for US debt. This trend reveals a retail pathway into the wholesale sovereign debt market.
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