In recent days, several major pension funds in Northern Europe have taken noticeable actions — Denmark's AkademikerPension has begun to offload U.S. Treasuries, Sweden's largest pension fund Alecta has also sold off most of its U.S. debt positions, and other Danish pension funds are reducing their exposure to U.S. assets. The reasons given by the funds are not political rhetoric, but genuine concerns about the health of U.S. finances and debt risks. This trend is not just a 'news' item in the minds of retail investors; it reflects a reevaluation by traditional large capital regarding the risk pricing of 'global safe-haven assets.'
This is worth noting, not because one or two pension funds are selling off, but because long-term funds like pension capital are starting to adjust their core allocations. European countries hold a very large amount of U.S. Treasuries, which theoretically creates a natural dependency on U.S. fiscal policy and monetary stability. However, the reality is that when the cost structure and risk premium are reassessed, capital is no longer unconditionally staying in U.S. Treasuries like before.
Interestingly, this adjustment logic coincides with a trend happening in the on-chain world — RWA (Real World Asset tokenization) is transforming from a small fiction into a large trend.
The size of the tokenized market has grown from tens of billions over the past few years to nearly hundreds of billions now, and it is not just stablecoins. Traditional assets such as U.S. Treasuries, money market funds, stocks, and real estate are also being mapped into tradable tokens through blockchain, a practice that is gradually being accepted by institutions and regulators.
So, you look at these two things together:
Pension funds are reducing their dependence on U.S. Treasuries — this is a repricing of traditional capital against extreme fiscal risks;
RWA and tokenized assets are gaining institutional attention — this is capital looking for new 'safety nets' and 'compliance alternatives'.
What this conveys is a subtle but important structural trend:
👉 U.S. Treasuries are no longer the 'default safe haven position' — funds are reassessing returns and risks;
👉 On-chain tokenized assets are not only a technological innovation but also a vehicle for capital seeking stable returns;
👉 When large funds begin to lay out RWA + stablecoin systems, the role of the crypto market has already shifted from a marginal tool to 'one of the options for global capital allocation'.
In traditional finance, they talk about 'risk appetite', while in the on-chain world, they talk about 'liquidity anchoring'. When these two concepts begin to intersect, you will see:
The risk premium of U.S. Treasuries is being reassessed.
Stablecoins and compliant on-chain assets have become a 'dual-track choice' of 'safety + yield'.
Capital is migrating from a single U.S. dollar bond position to a richer, more global asset pool.
Not every action can directly reflect on market fluctuations,
But when long-term funds like pension capital also begin to reposition towards safe-haven assets, it indicates that the rhythm of macro funds is indeed changing.
This is not simply about 'funds leaving U.S. Treasuries for crypto',
Rather, it is a systematic rethinking of global capital on the 'value storage vehicle'.
