According to Chainalysis’s 2026 North America report, Italy, Portugal and Singapore controlled 66.9% of geolocated tokenized US Treasury value as of July 1, 2026, with American holders accounting for just 10.5%. Italy leads the rankings with 29.9%, followed by Portugal at 18.8% and Singapore at 18.2%. The total value of tokenized US Treasuries reached $15.42 billion, up 125% from $6.86 billion a year earlier. Tokenized Treasuries now represent 42.8% of all tokenized real-world assets. Lending activity in this segment fell 23%, the only RWA lending category to decline, while BlackRock’s BUIDL fund reclaimed the top spot among tokenized Treasury products in late August 2026.
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