Solana Surges Ahead of Ethereum in Tokenized T-bill Growth

Tokenized U.S. T-bills have seen significant growth across major blockchain ecosystems over the last thirty days, according to Token Terminal data. Solana (SOL) led the way with $378.2 million in new treasury value added, surpassing Ethereum's (ETH) $272.2 million increase by roughly $106 million.

This marks a shift in leadership for Solana as it takes the lead over Ethereum in adding new treasury value to users' accounts. Meanwhile, off-chain holdings expanded by $81.7 million, and BNB Chain added $49.2 million, extending growth beyond the two leaders.

Smaller increases were seen on zkSync Era at $6.1 million, while other networks remained below $1 million. The concentration of new issuances has created a large amount in this market, leading experts to believe that future growth will be key in identifying whether tokenized Treasuries evolve into a broader multichain market.

The expansion across blockchain networks is being supported by fresh issuance from several major tokenized treasury providers. Superstate led 30-day growth with $184.2 million, narrowly ahead of Securitize at $182.8 million. Franklin Templeton followed with $86.2 million, bringing their combined increase to $453.2 million.

Tokenized equities are also gaining utility after issuance, with around $111 million in tokenized stocks deployed across DeFi markets. Solana leads with $71.6 million, accounting for roughly 64-65% of deployed value according to Token Terminal data.