But Japan and China remain the largest holders of U.S. Treasuries.

Between June 2024 and June 2025, global investors significantly increased their holdings of U.S. Treasuries, reflecting continued confidence in the world’s largest and most liquid debt market.

While long-term holders like Japan and China dominate total debt holdings with $1 trillion and $759 billion, respectively, recent buyers show some surprising shifts, highlighting the evolving landscape of U.S. debt ownership, according to VisualCapitalist and Plasma.

The following countries and entities increased their U.S. Treasury holdings the most over this one-year period:

Source: NewsCafe via Visual Capitalist

Cayman Islands leads

With a $116B increase, the Cayman Islands became the top buyer of U.S. debt. Much of this activity is linked to offshore financial entities and funds registered in the territory.

European Influence: Belgium, the United Kingdom, and France together accounted for substantial increases, reflecting the continued European appetite for safe and liquid investments.

Japan, Singapore, and Canada maintained their traditional roles as active buyers, ensuring diversification and stability in their portfolios.

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Growing presence of stablecoin issuers

Among the notable buyers between June 2024 and June 2025, stablecoin issuers purchased $41B in U.S. Treasuries. These digital finance entities, often registered in offshore jurisdictions like the Cayman Islands, use U.S. debt as a low-risk backing for stablecoins. This trend illustrates how non-traditional actors are increasingly influencing U.S. Treasury markets, bridging the worlds of digital finance and global debt instruments.

The biggest holders of U.S. debt

While recent buyers highlight short-term trends, the largest holders represent long-term influence in U.S. debt markets.

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While recent buyers highlight short-term trends, the largest holders represent long-term influence in U.S. debt markets. The top holders as of July 2025 were:

1. Japan – $1.15 T
2. UK - $899.3 B
3. China – ~$870.3 B
4. Cayman Islands - $438.7 B
5. Belgium – ~$428.2 B
6. Luxembourg - $405 B
7. France - $392 B
8. Canada - $381.4 B
9. Ireland - $324.1 B
10. Switzerland - $303 B

Source: U.S. Treasury

These figures reflect the long-term accumulation of U.S. debt by both sovereign nations and financial hubs, used to stabilize currencies, manage trade surpluses, and secure low-risk investments.