The Biggest Buyers of On-Chain US Debt Aren’t Where You’d Expect

Crypto Insight Summary: Holders in Italy, Portugal, and Singapore each own a larger share of geolocated tokenized US Treasury value than US holders, according to Chainalysis. The US ranks fourth at 10.5%. Its 2026 North America report argues that foreign stablecoin and tokenized Treasury buyers add demand for US debt. A Retail Route Into a Wholesale Market Tokenized Crypto Insight Analysis: Direction: Bullish USDC / Neutral BTC / Neutral ETH Impact: Minor Impact Horizon: Mid-term (1-8 weeks) Reasoning: Increased foreign demand for tokenized US debt boosts stablecoin adoption and liquidity.