Tokenized U.S. Treasuries are expanding into overseas markets, as RWAs bridge traditional finance and blockchain.
On October 18, according to an analysis by Chainalysis, Italy, Portugal, and Singapore collectively accounted for 66.9% of tokenized U.S. Treasuries held in 2026, while the U.S. accounted for just 10.5%.
This data reflects how tokenized Treasuries are creating new investment channels for overseas investors. By lowering minimum investment thresholds and reducing reliance on U.S. brokerage accounts, blockchain could make traditional financial assets more accessible to users around the world.
From an industry perspective, the value of RWAs lies not only in bringing Treasuries on-chain, but also in improving asset accessibility, settlement efficiency, and liquidity. As compliance frameworks and infrastructure gradually improve, tokenized assets could become an important bridge between traditional finance and on-chain finance.
However, tokenization does not eliminate credit, custody, liquidity, or regulatory risks. Nor does a 66.9% geographic share necessarily reflect the nationalities of the ultimate investors.
Whether RWAs can continue to grow will ultimately depend on real demand, compliance capabilities, and actual usage—not merely the volume of assets issued on-chain.
On October 18, according to an analysis by Chainalysis, Italy, Portugal, and Singapore collectively accounted for 66.9% of tokenized U.S. Treasuries held in 2026, while the U.S. accounted for just 10.5%.
This data reflects how tokenized Treasuries are creating new investment channels for overseas investors. By lowering minimum investment thresholds and reducing reliance on U.S. brokerage accounts, blockchain could make traditional financial assets more accessible to users around the world.
From an industry perspective, the value of RWAs lies not only in bringing Treasuries on-chain, but also in improving asset accessibility, settlement efficiency, and liquidity. As compliance frameworks and infrastructure gradually improve, tokenized assets could become an important bridge between traditional finance and on-chain finance.
However, tokenization does not eliminate credit, custody, liquidity, or regulatory risks. Nor does a 66.9% geographic share necessarily reflect the nationalities of the ultimate investors.
Whether RWAs can continue to grow will ultimately depend on real demand, compliance capabilities, and actual usage—not merely the volume of assets issued on-chain.