Tokenized U.S. Treasuries Surge 125% as Overseas Demand Leads
Chainalysis data show tokenized U.S. Treasuries reached $15.42 billion by July 1, 2026, up 125% from $6.86 billion a year earlier. The tokenized U.S. Treasury market represented 42.8% of the $36.07 billion real-world asset (RWA) market covered by the report.
Among holdings with identifiable locations, Italy accounted for 29.9% of value, Portugal 18.8% and Singapore 18.2%, giving the three countries a combined 66.9% share; U.S. holders accounted for 10.5%. Japan represented 16.4% of identified holders but just 0.4% of value, indicating comparatively small holdings. These geographic figures cover only holdings whose locations could be identified.
Chainalysis cited lower investment minimums and access without a U.S. brokerage account as factors supporting overseas adoption. However, lending activity backed by tokenized Treasuries fell 23%, while private-credit-backed lending grew sharply. BlackRock’s BUIDL fund also regained the lead among tokenized Treasury products in late August. The figures point to expanding on-chain access to government debt, but weaker Treasury-backed lending shows that growth is uneven.
Neutral
The news is positive for the adoption of tokenized real-world assets: the tokenized U.S. Treasury market grew 125% year over year, overseas participation is significant, and BUIDL regained the lead among Treasury products. These developments may support longer-term interest in on-chain financial products. However, the report does not identify a direct catalyst for the price of a specific cryptocurrency, and the 23% decline in Treasury-backed lending points to uneven activity rather than broad-based acceleration. In the short term, traders may view the figures as sector context, not a clear buy or sell signal for major cryptoassets. Over the longer term, continued growth could benefit the RWA ecosystem, but any effect on individual token prices would depend on whether adoption translates into measurable network use, liquidity and revenue.