Investors in Italy, Portugal, and Singapore together hold 66.9% of geolocated tokenized US Treasuries, according to data shared by Cointelegraph on October 18, 2026. American holders make up a minority of the measurable total. The underlying asset is US government debt, but demand for the blockchain-wrapped version sits mostly outside the country that issues it.
Tokenized Treasuries are onchain representations of short-term US government bonds, usually structured as money-market style funds that pay yield and settle on public blockchains. They became one of the fastest-growing categories of real-world assets over the past two years as issuers like BlackRock, Franklin Templeton, and Ondo brought Treasury exposure onchain. The appeal is straightforward: a dollar-denominated instrument that pays around 4% and moves 24/7 without a bank wire.
The offshore tilt in the numbers
The 66.9% figure covers the slice of supply that can be geolocated. A large share of tokenized assets sits in wallets with no identifiable jurisdiction, so the real distribution is partially hidden. Within the measurable set, three jurisdictions dominate: Italy, Portugal, and Singapore. That is a narrow base for a product tied to the world's deepest sovereign debt market.
The concentration says more about who needs the onchain wrapper than about the asset itself. A US-based investor already has frictionless access to Treasury bills, money-market funds, and brokerage accounts that pay the same yield. There is little reason to hold a tokenized version. An investor outside the US, by contrast, often cannot easily open a US brokerage account or buy T-bills directly. For them, a tokenized Treasury is a way to hold dollar yield without a US banking relationship.
Dollar access, not speculation
That framing matters because it reframes tokenized Treasuries as a dollar-access tool rather than a crypto trade. In Singapore, the draw is a regulated path to dollar yield for a financial hub that routes global capital. In Italy and Portugal, euro-based investors can hold a dollar instrument onchain without the account-opening friction that a US product would require. The common thread is reach, not return.
This is the same demand that drives stablecoin adoption in markets where dollar access is constrained. A dollar stablecoin holds value but pays nothing; a tokenized Treasury holds value and pays yield. For a holder outside the US, the second is simply a better dollar. The geolocation data suggests that trade-off is being made far more often abroad than at home.
Measurement caveats
The headline percentage should be read with its limits in mind. "Geolocated" is doing real work in that sentence. Wallets route through custodians, intermediaries, and privacy tooling that obscure the true holder, so the geolocated subset may over-represent jurisdictions where holders transact through identifiable regulated venues and under-represent those using self-custody or offshore structures. A single large allocation from one fund domiciled in one of the three countries could also skew the split, since tokenized Treasury supply is still concentrated among a handful of issuers and large holders.
What the data does establish is directional: the onchain Treasury market is not primarily a US retail phenomenon. The buyers putting government debt on a blockchain are disproportionately sitting outside the issuing country, using the format to solve an access problem that domestic investors do not have.
For crypto markets broadly, the backdrop was quiet on the day the data landed. Bitcoin traded at $81,638, up 0.2% over 24 hours, with Ether at $2,409 and the Fear and Greed Index at a neutral 49, as of October 18, 2026. Tokenized Treasury demand runs on a different clock than spot prices. It tracks where dollar yield is hard to reach, and right now that map points to Lisbon, Milan, and Singapore more than to New York.
Overview
Investors in Italy, Portugal, and Singapore hold 66.9% of geolocated tokenized US Treasuries, with American holders in the minority, per data shared on October 18, 2026. The concentration reflects demand for onchain dollar yield from jurisdictions that lack easy direct access to US Treasury products, not speculative appetite. The "geolocated" qualifier is important, since a large share of supply sits in wallets with no identifiable jurisdiction, and a few large holders can skew the split. The directional takeaway holds: tokenized Treasuries are largely an offshore dollar-access tool rather than a US retail product.
