Tokenization is expanding the overseas market for U.S. Treasuries, according to a new Chainalysis analysis. Its 2026 data shows that tokenized U.S. Treasury holdings by investors in Italy, Portugal, and Singapore account for 66.9% of the total, while domestic U.S. holdings represent just 10.5%. Chainalysis noted that tokenization lowers the minimum holding threshold and removes the need for overseas investors to open a U.S. brokerage account, creating an additional channel for foreign capital to access Treasury markets.