From November 2024 to November 2025, the largest purchasers of US debt were entities registered in the United Kingdom, acquiring $121.6 billion. Belgium followed closely behind, buying $118.7 billion, with a significant portion transacted through Euroclear. Japan ranked third, purchasing $115.5 billion and holding the title of the largest foreign holder of American government debt.
Conversely, several countries reduced their holdings of US debt during this period. China decreased its position by $86 billion, marking an 11% reduction. Brazil followed with a noteworthy 27% decrease, amounting to $60.8 billion. India also decreased its holdings by 20%, totaling $47.5 billion.