Holdings dashboard

U.S. Treasury Holdings

Latest TIC major foreign holders compared with stablecoin (ex-rehypothecated) and tokenized U.S. treasury holdings. Hover charts for full breakdowns.

Tokenized U.S. Treasuries %

2.4396%

$225,620,442,066 of $9,248,100,000,000 foreign-held (TIC 2026-07-31)

Stablecoins (ex-rehyp)

$210,825,016,740

2.2797% of TIC foreign-held

Tokenized Treasuries

$14,795,425,327

0.1600% of TIC foreign-held

Methodology

Stablecoin attestation exposure counts three U.S. Treasury-related holdings:

Direct U.S. Treasuries Bills, notes, or bonds line-itemed on the issuer’s reserve report — not fund shares or other packaged vehicles.

U.S. Treasury repo Repurchase agreements collateralized by Treasuries.

Government money market funds Historically ~99% T-bills / repo.

Packaged / rehypothecated holdings (e.g. BUIDL inside a stablecoin’s reserves) are tracked separately and excluded from ex-rehypothecated totals. Standalone tokenized U.S. treasury products from RWA.xyz are included in Tokenized Assets alongside stablecoin ex-rehyp exposure.

Direct treasuries: $126,168,799,306

Tokenized Assets: $225,620,442,066 (#14 of 23)

TIC foreign total: $9,248,100,000,000

Snapshot

Global US Treasury Holders

All countries from the latest TIC MFH date (2026-07-31), plus three crypto rows ranked on the same chart: Tokenized Assets (combined, currently #14 of 23), Stablecoins (ex-rehyp) (#15), and Tokenized Treasuries (#23). Crypto USD excludes rehypothecated / packaged holdings from stablecoin books. Every % of foreign total uses the TIC foreign-held total alone ($9,248,100,000,000) as the denominator — crypto rows are not added into that base. Values: stablecoins ex-rehyp $210,825,016,740; tokenized treasuries $14,795,425,327; combined $225,620,442,066. Rehypothecated excluded: $727,816,669.

Holder	As-of	USD	% of foreign
Japan	2026-07-31	$1,103,900,000,000	11.94%
United Kingdom	2026-07-31	$998,300,000,000	10.79%
China, Mainland	2026-07-31	$618,000,000,000	6.68%
Belgium	2026-07-31	$470,700,000,000	5.09%
Cayman Islands	2026-07-31	$460,100,000,000	4.98%
Luxembourg	2026-07-31	$442,100,000,000	4.78%
Canada	2026-07-31	$426,300,000,000	4.61%
Ireland	2026-07-31	$350,200,000,000	3.79%
France	2026-07-31	$348,400,000,000	3.77%
Taiwan	2026-07-31	$296,100,000,000	3.20%
Switzerland	2026-07-31	$284,800,000,000	3.08%
Singapore	2026-07-31	$277,700,000,000	3.00%
Hong Kong	2026-07-31	$258,300,000,000	2.79%
Tokenized Assets (stablecoins + tokenized treasuries)	2026-09-21	$225,620,442,066	2.44%
Stablecoins (ex-rehyp)	2026-07-31	$210,825,016,740	2.28%
Norway	2026-07-31	$206,900,000,000	2.24%
India	2026-07-31	$202,600,000,000	2.19%
Brazil	2026-07-31	$168,000,000,000	1.82%
Saudi Arabia	2026-07-31	$142,400,000,000	1.54%
Korea, South	2026-07-31	$131,500,000,000	1.42%
United Arab Emirates	2026-07-31	$110,100,000,000	1.19%
Bermuda	2026-07-31	$109,100,000,000	1.18%
Tokenized Treasuries	2026-09-21	$14,795,425,327	0.16%

Flows

Largest net buyers of U.S. Treasuries

Ranked by net change in holdings over fixed TIC lookbacks ending on the latest MFH date (2026-07-31). Same universe as the holders snapshot above — countries plus Tokenized Assets, Stablecoins (ex-rehyp), and Tokenized Treasuries (highlighted). % change is versus each holder’s own starting balance.

Window: 2026-04-30 → 2026-07-31Largest net buyer: United Kingdom (+$60,800,000,000)

#	Holder	Start	End	Net change	% change
1	United Kingdom	$937,500,000,000	$998,300,000,000	+$60,800,000,000	+6.5%
2	Canada	$397,100,000,000	$426,300,000,000	+$29,200,000,000	+7.4%
3	India	$181,000,000,000	$202,600,000,000	+$21,600,000,000	+11.9%
4	Luxembourg	$431,100,000,000	$442,100,000,000	+$11,000,000,000	+2.6%
5	Belgium	$459,900,000,000	$470,700,000,000	+$10,800,000,000	+2.3%
6	Bermuda	$104,100,000,000	$109,100,000,000	+$5,000,000,000	+4.8%
7	Ireland	$345,300,000,000	$350,200,000,000	+$4,900,000,000	+1.4%
8	Saudi Arabia	$140,100,000,000	$142,400,000,000	+$2,300,000,000	+1.6%
9	Tokenized Treasuries	$14,817,357,561	$16,103,870,139	+$1,286,512,578	+8.7%
10	Singapore	$277,500,000,000	$277,700,000,000	+$200,000,000	+0.1%
11	Brazil	$168,600,000,000	$168,000,000,000	-$600,000,000	-0.4%
12	United Arab Emirates	$112,500,000,000	$110,100,000,000	-$2,400,000,000	-2.1%
13	Korea, South	$135,200,000,000	$131,500,000,000	-$3,700,000,000	-2.7%
14	Switzerland	$288,600,000,000	$284,800,000,000	-$3,800,000,000	-1.3%
15	Taiwan	$300,900,000,000	$296,100,000,000	-$4,800,000,000	-1.6%
16	Tokenized Assets (stablecoins + tokenized treasuries)	$231,811,971,091	$226,928,886,878	-$4,883,084,213	-2.1%
17	Stablecoins (ex-rehyp)	$216,994,613,530	$210,825,016,740	-$6,169,596,791	-2.8%
18	Norway	$214,700,000,000	$206,900,000,000	-$7,800,000,000	-3.6%
19	Hong Kong	$269,100,000,000	$258,300,000,000	-$10,800,000,000	-4.0%
20	Cayman Islands	$471,600,000,000	$460,100,000,000	-$11,500,000,000	-2.4%
21	China, Mainland	$651,100,000,000	$618,000,000,000	-$33,100,000,000	-5.1%
22	France	$393,300,000,000	$348,400,000,000	-$44,900,000,000	-11.4%
23	Japan	$1,209,900,000,000	$1,103,900,000,000	-$106,000,000,000	-8.8%

Window: 2026-01-31 → 2026-07-31Largest net buyer: United Kingdom (+$118,500,000,000)

#	Holder	Start	End	Net change	% change
1	United Kingdom	$879,800,000,000	$998,300,000,000	+$118,500,000,000	+13.5%
2	Canada	$395,800,000,000	$426,300,000,000	+$30,500,000,000	+7.7%
3	Cayman Islands	$433,200,000,000	$460,100,000,000	+$26,900,000,000	+6.2%
4	Belgium	$451,000,000,000	$470,700,000,000	+$19,700,000,000	+4.4%
5	India	$190,400,000,000	$202,600,000,000	+$12,200,000,000	+6.4%
6	Bermuda	$100,600,000,000	$109,100,000,000	+$8,500,000,000	+8.4%
7	Ireland	$342,100,000,000	$350,200,000,000	+$8,100,000,000	+2.4%
8	Saudi Arabia	$134,800,000,000	$142,400,000,000	+$7,600,000,000	+5.6%
9	Tokenized Treasuries	$10,283,371,362	$16,103,870,139	+$5,820,498,777	+56.6%
10	Singapore	$273,400,000,000	$277,700,000,000	+$4,300,000,000	+1.6%
11	Tokenized Assets (stablecoins + tokenized treasuries)	$224,972,360,018	$226,928,886,878	+$1,956,526,861	+0.9%
12	Brazil	$168,000,000,000	$168,000,000,000	+$0	0.0%
13	Hong Kong	$259,900,000,000	$258,300,000,000	-$1,600,000,000	-0.6%
14	United Arab Emirates	$112,400,000,000	$110,100,000,000	-$2,300,000,000	-2.0%
15	Stablecoins (ex-rehyp)	$214,688,988,655	$210,825,016,740	-$3,863,971,916	-1.8%
16	Luxembourg	$446,200,000,000	$442,100,000,000	-$4,100,000,000	-0.9%
17	Switzerland	$289,200,000,000	$284,800,000,000	-$4,400,000,000	-1.5%
18	Korea, South	$141,300,000,000	$131,500,000,000	-$9,800,000,000	-6.9%
19	Taiwan	$307,800,000,000	$296,100,000,000	-$11,700,000,000	-3.8%
20	Norway	$218,800,000,000	$206,900,000,000	-$11,900,000,000	-5.4%
21	France	$380,500,000,000	$348,400,000,000	-$32,100,000,000	-8.4%
22	China, Mainland	$695,300,000,000	$618,000,000,000	-$77,300,000,000	-11.1%
23	Japan	$1,225,300,000,000	$1,103,900,000,000	-$121,400,000,000	-9.9%

Window: 2025-07-31 → 2026-07-31Largest net buyer: United Kingdom (+$102,400,000,000)

#	Holder	Start	End	Net change	% change
1	United Kingdom	$895,900,000,000	$998,300,000,000	+$102,400,000,000	+11.4%
2	Belgium	$425,400,000,000	$470,700,000,000	+$45,300,000,000	+10.6%
3	Canada	$381,800,000,000	$426,300,000,000	+$44,500,000,000	+11.7%
4	Tokenized Assets (stablecoins + tokenized treasuries)	$188,411,086,132	$226,928,886,878	+$38,517,800,747	+20.4%
5	Luxembourg	$403,800,000,000	$442,100,000,000	+$38,300,000,000	+9.5%
6	Ireland	$320,200,000,000	$350,200,000,000	+$30,000,000,000	+9.4%
7	Stablecoins (ex-rehyp)	$182,089,970,932	$210,825,016,740	+$28,735,045,807	+15.8%
8	Singapore	$252,400,000,000	$277,700,000,000	+$25,300,000,000	+10.0%
9	Cayman Islands	$436,800,000,000	$460,100,000,000	+$23,300,000,000	+5.3%
10	Bermuda	$97,300,000,000	$109,100,000,000	+$11,800,000,000	+12.1%
11	Hong Kong	$247,500,000,000	$258,300,000,000	+$10,800,000,000	+4.4%
12	Saudi Arabia	$131,600,000,000	$142,400,000,000	+$10,800,000,000	+8.2%
13	Tokenized Treasuries	$6,321,115,199	$16,103,870,139	+$9,782,754,939	+154.8%
14	United Arab Emirates	$107,700,000,000	$110,100,000,000	+$2,400,000,000	+2.2%
15	Korea, South	$132,300,000,000	$131,500,000,000	-$800,000,000	-0.6%
16	Norway	$208,000,000,000	$206,900,000,000	-$1,100,000,000	-0.5%
17	Taiwan	$308,800,000,000	$296,100,000,000	-$12,700,000,000	-4.1%
18	India	$219,700,000,000	$202,600,000,000	-$17,100,000,000	-7.8%
19	Switzerland	$303,200,000,000	$284,800,000,000	-$18,400,000,000	-6.1%
20	Brazil	$201,800,000,000	$168,000,000,000	-$33,800,000,000	-16.7%
21	France	$391,000,000,000	$348,400,000,000	-$42,600,000,000	-10.9%
22	Japan	$1,155,400,000,000	$1,103,900,000,000	-$51,500,000,000	-4.5%
23	China, Mainland	$695,600,000,000	$618,000,000,000	-$77,600,000,000	-11.2%

Window: 2021-07-31 → 2026-07-31Largest net buyer: United Kingdom (+$456,692,000,000)

#	Holder	Start	End	Net change	% change
1	United Kingdom	$541,608,000,000	$998,300,000,000	+$456,692,000,000	+84.3%
2	Canada	$167,043,000,000	$426,300,000,000	+$259,257,000,000	+155.2%
3	Belgium	$220,454,000,000	$470,700,000,000	+$250,246,000,000	+113.5%
4	Tokenized Assets (stablecoins + tokenized treasuries)	$1,000,662,458	$226,928,886,878	+$225,928,224,420	+22577.9%
5	Stablecoins (ex-rehyp)	$1,000,662,458	$210,825,016,740	+$209,824,354,282	+20968.5%
6	Cayman Islands	$263,832,000,000	$460,100,000,000	+$196,268,000,000	+74.4%
7	Luxembourg	$291,655,000,000	$442,100,000,000	+$150,445,000,000	+51.6%
8	France	$235,941,000,000	$348,400,000,000	+$112,459,000,000	+47.7%
9	Norway	$119,065,000,000	$206,900,000,000	+$87,835,000,000	+73.8%
10	Singapore	$192,644,000,000	$277,700,000,000	+$85,056,000,000	+44.2%
11	Taiwan	$242,218,000,000	$296,100,000,000	+$53,882,000,000	+22.2%
12	United Arab Emirates	$58,018,000,000	$110,100,000,000	+$52,082,000,000	+89.8%
13	Bermuda	$68,138,000,000	$109,100,000,000	+$40,962,000,000	+60.1%
14	Hong Kong	$227,149,000,000	$258,300,000,000	+$31,151,000,000	+13.7%
15	Ireland	$319,845,000,000	$350,200,000,000	+$30,355,000,000	+9.5%
16	Tokenized Treasuries	$0	$16,103,870,139	+$16,103,870,139	—
17	Saudi Arabia	$128,109,000,000	$142,400,000,000	+$14,291,000,000	+11.2%
18	Korea, South	$126,137,000,000	$131,500,000,000	+$5,363,000,000	+4.3%
19	Switzerland	$296,203,000,000	$284,800,000,000	-$11,403,000,000	-3.8%
20	India	$219,235,000,000	$202,600,000,000	-$16,635,000,000	-7.6%
21	Brazil	$248,541,000,000	$168,000,000,000	-$80,541,000,000	-32.4%
22	Japan	$1,310,201,000,000	$1,103,900,000,000	-$206,301,000,000	-15.7%
23	China, Mainland	$1,068,347,000,000	$618,000,000,000	-$450,347,000,000	-42.2%

Time series

Holdings over time

Stacked area of TIC major foreign holders plus combined Tokenized Assets in USD. Month-end values; countries are carried forward between TIC publications. Use the tabs to switch views.

Attestations

Latest stablecoin UST

Column definitions

Direct — owned U.S. Treasuries only (bills / notes / bonds on the attestation). Repo and government MMFs are separate columns.

Repo — U.S. Treasury repurchase agreements. These are typically overnight / 1–2 day repos and are treated as continuous U.S. Treasury holdings while rolled.

Gov MMF — government money market funds. Examples from attestations include Fidelity Government Money Market (CUSIP 31607A703, e.g. USD1) and government money-market fund holdings reported by issuers such as USDG and RLUSD.

Rehypothecated — tokenized U.S. treasury products (e.g. BUIDL) held on a stablecoin’s books. These are already counted in standalone tokenized treasury supplies, so including them here would double-count.

Treasury & Treasury Equivalent Holdings — direct + repo + gov MMF; excludes rehypothecated assets.

Stablecoin	Symbol	Date	Direct treasuries	Repo	Gov MMF	Rehypothecated	Treasury & Treasury Equivalent Holdings	Attestation link	Link to PDF
Tether USDt	USDT	2026-06-30	$114,960,963,604	$25,618,981,362	$0	$0	$140,579,944,966	Attestation page	PDF
USDC	USDC	2026-07-31	$7,678,498,751	$52,723,000,000	$0	$0	$60,401,498,751	Attestation page	PDF
USD1	USD1	2026-05-31	$0	$0	$4,024,481,921	$0	$4,024,481,921	Attestation page	PDF
Global Dollar	USDG	2026-06-30	$2,652,130,423	$0	$0	$0	$2,652,130,423	Attestation page	PDF
Paypal USD	PYUSD	2026-07-31	$398,747,625	$2,200,625,000	$0	$0	$2,599,372,625	Attestation page	PDF
First Digital USD	FDUSD	2026-05-31	$307,766,453	$0	$0	$0	$307,766,453	Attestation page	PDF
Ripple USD	RLUSD	2025-03-31	$70,091,588	$0	$82,089,151	$0	$152,180,739	Attestation page	PDF
MNEE USD	MNEE	2026-05-29	$86,958,907	$0	$0	$0	$86,958,907	Attestation page	PDF
Mountain USD	USDM	2025-06-03	$13,641,955	$0	$0	$17,715,594	$13,641,955	Attestation page	PDF
Pax Dollar	USDP	2026-07-31	$0	$7,040,000	$0	$0	$7,040,000	Attestation page	PDF
USDtb	USDtb	2026-07-31	$0	$0	$0	$397,671,702	$0	Attestation page	PDF
USDGO	USDGO	2026-07-31	$0	$0	$0	$312,429,373	$0	—	PDF

Stablecoin collateral

Tokenized UST backing stablecoins

How much of each tokenized U.S. treasury product sits inside stablecoin reserve attestations (the rehypothecated / packaged sleeve). Rows are treasury assets; columns are the stablecoins that hold them. Totals match the attestation rehypothecated figure above.

Tokenized UST in stablecoin reserves

$727,816,669

Same vintage as latest attestation rehypothecated total ($727,816,669)

Treasury asset	Symbol	As-of	USDtb	USDGO	USDM	Total in stablecoin reserves
BlackRock USD Institutional Digital Liquidity Fund	BUIDL	2026-07-31	$397,671,702	$312,429,373	—	$710,101,075
Tokenized Short Duration U.S. Treasury Fund (unnamed)	—	2025-06-03	—	—	$17,715,594	$17,715,594
Total			$397,671,702	$312,429,373	$17,715,594	$727,816,669

RWA.xyz

Latest tokenized U.S. treasuries

Asset	Symbol	Date	USD value	Source
Circle USYC	USYC	2026-09-21	$2,506,911,729	RWA.xyz
BlackRock USD Institutional Digital Liquidity Fund	BUIDL	2026-09-21	$2,287,297,101	RWA.xyz
Ondo U.S. Dollar Yield	USDY	2026-09-21	$2,257,464,050	RWA.xyz
Franklin OnChain Institutional Liquidity Fund Ltd	iBENJI	2026-09-21	$1,704,944,565	RWA.xyz
WisdomTree Treasury Money Market Digital Fund	WTGXX	2026-09-21	$1,230,209,925	RWA.xyz
JPMorgan OnChain Liquidity-Token Money Market Fund		2026-09-21	$800,574,685	RWA.xyz
Franklin OnChain U.S. Government Money Fund	BENJI	2026-09-21	$662,420,687	RWA.xyz
Invesco Short Duration US Government Securities Fund		2026-09-21	$561,857,607	RWA.xyz
ChinaAMC USD Digital Money Market Fund Class I USD	CUMIU	2026-09-21	$553,533,104	RWA.xyz
Janus Henderson Treasury Fund		2026-09-21	$394,699,516	RWA.xyz
Ondo Short-Term US Government Bond Fund	OUSG	2026-09-21	$392,958,053	RWA.xyz
OpenEden TBILL Vault	TBILL	2026-09-21	$296,077,105	RWA.xyz
State Street Galaxy OnChain Liquidity Sweep Fund		2026-09-21	$158,175,614	RWA.xyz
Spiko US T-Bills Money Market Fund	USTBL	2026-09-21	$153,212,198	RWA.xyz
Bosera Digital Liquidity Income Fund SP	BELIF	2026-09-21	$103,485,521	RWA.xyz
My OnChain Net Yield Fund	MONY	2026-09-21	$102,688,144	RWA.xyz
Midas TBILL	mTBILL	2026-09-21	$72,022,669	RWA.xyz
gBENJI	gBENJI	2026-09-21	$57,440,389	RWA.xyz
VanEck Treasury Fund	VBILL	2026-09-21	$57,258,566	RWA.xyz
BlackRock Daily Reinvestment Stablecoin Reserve Vehicle		2026-09-21	$50,233,012	RWA.xyz
Guggenheim Treasury Services DCP	DCP	2026-09-21	$40,356,901	RWA.xyz
Theo Short Duration US Treasury Fund	thBILL	2026-09-21	$39,058,063	RWA.xyz
Fidelity International USD Digital Liquidity Fund SP - ACC Class		2026-09-21	$30,485,605	RWA.xyz
KAIO Blackrock ICS US Dollar Liquidity Fund	CASHx	2026-09-21	$28,162,989	RWA.xyz
Franklin OnChain U.S. Government Money Fund	BENJI	2026-09-21	$24,771,361	RWA.xyz
abrdn Liquidity Fund (Lux) – US Dollar Fund	AAULF	2026-09-21	$22,475,556	RWA.xyz
JTRSY deRWA		2026-09-21	$21,237,401	RWA.xyz
iShares 20+ Year Treasury Bond ETF (Ondo Tokenized)	TLTon	2026-09-21	$18,961,109	RWA.xyz
Matrixdock Short-term Treasury Bill Token	STBT	2026-09-21	$17,404,570	RWA.xyz
Etherfuse USTRY	USTRY	2026-09-21	$12,376,282	RWA.xyz