In January 2026, investors outside the United States significantly increased their holdings of U.S. Treasuries, adding $34.8 billion and bringing the total holdings to $9.3 trillion, the second-highest in history.

Japan remains the largest foreign holder, increasing holdings by $39.8 billion in that month, with total holdings rising to $1.2 trillion, a new high since July 2022.
The United Kingdom ranks second, with an increase of $29.3 billion, bringing total holdings to $895.3 billion, the third-highest level in history.
China ranks third, with an increase of $10.9 billion, and total holdings rising to $694.4 billion, the highest in recent months.
The EU's overall holdings increased by $8 billion, reaching a total of $2.1 trillion.
Global allocations to U.S. Treasuries continue to rise, with current holdings at a record high.
The attractiveness of the dollar system remains very strong.
In terms of global uncertainty, interest rate differentials, and liquidity, the U.S. still holds the advantage.