Stellar Overtakes Ethereum In Tokenized Non-US Government Debt

Stellar (XLM) is trading at $0.1922, up 4.4% over 24 hours, as the network holds its lead in tokenized non-US sovereign debt, a position it has maintained since February. According to data from RWA.xyz as of August 20, Stellar holds roughly $490 million in tokenized sovereign debt issued outside the US, more than any other blockchain.

Ethereum still leads in tokenized US Treasuries and in total real-world asset value across the market, which continues growing on every major chain. Stellar’s lead is confined to sovereign debt issued outside the US and denominated in currencies other than the dollar, a smaller category today but one tied to a much larger share of the world’s governments and businesses that don’t operate primarily in dollars.

Rapid Growth Over 18 Months

Real-world assets on Stellar, excluding stablecoins, have grown from roughly $500 million in early 2025 to $854.6 million by the end of last year, crossing $1 billion in January 2026, reaching $1.52 billion by the end of Q1 (a 91% quarterly jump), passing $2 billion in April, and topping $3 billion in June.

That’s roughly a threefold increase over the past year. Stellar now accounts for about 9% of all distributed RWA value across blockchains, placing it among the top four networks alongside Ethereum, BNB Chain and Solana, and the only one among them outside the Ethereum Virtual Machine ecosystem.

What’s Actually on the Network

The sovereign debt total is built from a range of live products. Etherfuse’s Stablebonds bring Mexican CETES and Brazilian Tesouro bonds onto Stellar. Spiko’s euro-denominated T-bill fund grew from roughly $520 million to $970 million over the past year, with most of that growth occurring on Stellar specifically. South Korean Treasury Bonds and a digital sovereign bond from the Marshall Islands round out a list of issuers spanning five continents.

Beyond sovereign debt, Franklin Templeton’s BENJI fund, the first US-registered mutual fund to use a public blockchain as its official system of record, also runs on Stellar. Ondo’s USDY and WisdomTree’s WTGXX are live on the network as well. USDC’s market cap on Stellar grew about 15% quarter-over-quarter to more than $256 million in Q1 2026, and euro-denominated stablecoins have expanded.

Transaction activity backs up the balance sheet numbers. Stablecoin payment volume on Stellar reached $5.5 billion in Q1 2026, up 72% year-over-year, with transaction velocity up 75% over the same period. Institutional participation has broadened alongside the technical case, with U.S. Bank, Amundi, Société Générale, AllUnity, Malaysia’s Kenanga, and Singapore’s Marketnode, backed by SGX and Temasek, all engaging with the network.