The proportion of U.S. Treasury bonds held by foreign official institutions has dropped to a 21st-century low of 12.5%. According to the latest TIC data, foreign official institutions hold approximately $3.9 trillion in U.S. Treasury bonds, accounting for just 12.5% of total circulating Treasuries—a record low for this century. Since 2009, this proportion has fallen by about 24 percentage points. During the same period, the marketable U.S. Treasury debt grew from approximately $6.1 trillion to $29.1 trillion, an increase of about 379%, while foreign official holdings only grew by about 63%. The structure of foreign holdings is shifting: The proportion of foreign official holdings relative to total foreign holdings has dropped to around 42%. Starting in 2023, foreign private investors have surpassed official investors in U.S. Treasury holdings. Latest updates at the national level: Japan remains the largest foreign holder, with holdings exceeding $1.2 trillion. The UK ranks second. China's direct holdings of U.S. Treasuries have fallen to about $651.1 billion, the lowest level since 2008.