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Japan Leads Geolocated Tokenized Treasury Holders but Holds 0.4% of Value
Chainalysis data show Japan accounts for 16.4% of geolocated tokenized Treasury holders but only 0.4% of their value, while three other markets hold 66.9% by value.
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Chainalysis reported on October 14 that Japan represented 16.4% of identifiable tokenized U.S. Treasury holders but only 0.4% of the corresponding value. Italy accounted for 29.9% of geolocated value, Portugal for 18.8% and Singapore for 18.2%, a combined 66.9%. The United States ranked fourth by value at 10.5%.
The figures cover Chainalysis’s 12-month reporting period ending July 1, 2026, rather than a current market snapshot. The firm measured $15.42 billion of tokenized U.S. Treasury value, up 125% from $6.86 billion. Chainalysis interprets the holder-value gap as evidence that a relatively small group of large foreign holders drives much of the market while a broader retail base holds smaller positions.
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Key takeaways
- //Japan leads the identifiable holder count but represents a small share of geolocated value.
- //Italy, Portugal and Singapore together account for 66.9% of geolocated tokenized Treasury value.
- //The figures cover Chainalysis's 12-month reporting period ending July 1, 2026.
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