Tokenized Treasuries: Italy, Portugal and Singapore Beat the US

The global market for tokenized U.S. Treasuries surged 125% to $15.42 billion by July 2026, establishing itself as the largest real-world asset category on-chain. According to Chainalysis, international demand is driving this growth, with Italy, Portugal, and Singapore collectively holding a significantly larger share of tokenized Treasury value than the United States. While the U.S. accounts for 10.5% of identified geolocated value, Italy leads at 29.9%, followed by Portugal and Singapore. This geographic distribution highlights how tokenization democratizes access to U.S. debt by removing traditional brokerage barriers, allowing retail investors globally to bypass domestic financial infrastructure. Despite the rise of local stablecoin initiatives like Canada's Bill C-15, the data suggests a strong preference for dollar-denominated assets, which continue to dominate on-chain transaction volumes. The trend indicates that tokenized Treasuries are primarily used as long-term holdings rather than collateral, as evidenced by a 23% contraction in Treasury lending. Ultimately, the shift confirms that the U.S. dollar remains the default global standard for on-chain liquidity, even as domestic alternatives attempt to capture market share.