Stellar Overtakes Ethereum in Non-US Sovereign Debt Market Share

Stellar (XLM) is gaining traction in tokenized non-US sovereign debt, surpassing Ethereum's market share. 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.

This lead is confined to sovereign debt issued outside the US and denominated in currencies other than the dollar. The network has seen rapid growth over 18 months, with real-world assets on Stellar, excluding stablecoins, growing from roughly $500 million in early 2025 to $854.6 million by the end of last 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. The network is home to a range of live products, including Etherfuse's Stablebonds, Spiko's euro-denominated T-bill fund, and South Korean Treasury Bonds.

Transaction activity on Stellar has also increased, with stablecoin payment volume reaching $5.5 billion in Q1 2026, up 72% year-over-year. Institutional participation has broadened, with several major financial institutions engaging with the network.