Tokenized US Treasuries more than doubled in a year, from $6.86B to $15.42B. Chainalysis mapped holders by country, and the biggest ones aren't American.

Italy leads with 29.9% of geolocated value, then Portugal with 18.8% and Singapore with 18.2%. Together that's 66.9%. The US is fourth at 10.5%. And an interesting fact, Japan shows the biggest gap: 16.4% of all holders, but only 0.4% of the value.

Every foreign wallet buying a tokenized T-bill funds Washington, not its own government.