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Treasuries

Tokenized US Treasuries Surpass $15 Billion in 2026

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In 2026, tokenized US Treasuries reached a remarkable value of $15.42 billion, with Italy leading in investment.

Geolocated Value Distribution

As of July 1, 2026, a notable 66.9% of the geolocated value in tokenized US Treasuries was held by investors from Italy, Portugal, and Singapore. This figure highlights the international appeal of these blockchain-based financial instruments, as noted in the Chainalysis 2026 North America report.

Top Investors

  • Italy: 29.9% of the geolocated Treasury value.
  • Portugal: 18.8% share.
  • Singapore: 18.2% of the market.
  • United States: 10.5%, significantly lower than the combined total of the top three countries.

Interestingly, while American investors held a relatively small percentage of the total value, Japan emerged as a significant player in terms of holders, making up 16.4% of those geolocated. However, they only accounted for a mere 0.4% of the total value, indicating a disparity between the number of holders and their investment size.

Growth of the Tokenized Treasury Market

According to Chainalysis, the overall market for tokenized US Treasuries reached an impressive value of $15.42 billion in 2026, reflecting a striking 125% growth compared to the previous year when the market was valued at $6.86 billion.

This growth is significant within the context of tokenized real-world assets (RWAs), with Treasury products making up 42.8% of the entire market. This substantial share demonstrates the growing importance of US government debt within the broader framework of tokenization.

Lending Activity Trends

Despite the overall market growth, lending activities associated with tokenized Treasuries observed a decline of 23%. This contraction set it apart from other RWA lending categories, which either remained stable or experienced growth during the same period.

The BlackRock BUIDL fund made headlines by regaining its position as the top-ranking product among tokenized Treasury offerings by late August 2026. This shift signifies a resurgence in active management and interest in tokenized Treasuries.

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