ITALY, PORTUGAL, SINGAPORE TOP US IN TOKENIZED TREASURIES

Italy, Portugal and Singapore together control 66.9% of the identifiable value in tokenized US Treasuries, while American holders account for just 10.5%, according to Chainalysis. The on-chain Treasury market has swelled to $15.42 billion as foreign buyers outpace the domestic base that issues the underlying debt. Ondo Finance's $ONDO sits at the center of that infrastructure as demand for tokenized government debt shifts abroad.