CoinMeta data: chainalysis shows that among the tokenized U.S. Treasury assets that allow for geographic location tracking, Italy, Portugal, and Singapore together account for 66.9%, while the United States accounts for 10.5%. Tokenization has lowered the minimum holding threshold, reducing the need for investors to participate through U.S. brokerage accounts, and has provided overseas investors with a channel to allocate in U.S. Treasuries.