CoinMeta data: According to Chainalysis data, among the tokenized U.S. Treasury assets that can identify the geographical location of holders, Italy, Portugal, and Singapore account for 29.9%, 18.8%, and 18.2% of the total holding value respectively, totaling 66.9%, while the United States accounts for only 10.5%, ranking fourth. Japan has the highest proportion of holders at 16.4%, but its holding value is only 0.4%. The report indicates that in the past year as of July 1, 2026, the scale of tokenized U.S. Treasuries has grown by 125%, from $6.86 billion to $15.42 billion. Chainalysis believes that tokenization has lowered the minimum investment threshold and allowed some overseas investors to gain exposure to U.S. Treasuries without the need to open a U.S. securities brokerage account, thereby expanding the overseas investment channels for U.S. Treasuries.