Japan represented 16.4% of holders whose locations could be identified in the tokenized U.S. Treasury market, yet only 0.4% of the value in that group, illustrating a gap between holder numbers and capital share.
Singapore accounted for 18.2% and Portugal for 18.8%, while Italy's 29.9% lifted their combined portion to 66.9%. The United States represented 10.5% of value; the comparison covers only assets whose holder locations were known.
On July 1, 2026, the tokenized U.S. Treasury market was valued at $15.42 billion, compared with $6.86 billion a year earlier, a 125% increase.
