Stellar Overtakes Ethereum in Non-US Sovereign Debt Tokenization
Stellar (XLM) is holding its lead in tokenized non-US sovereign debt, a position it has maintained since February. The network now holds roughly $490 million in tokenized sovereign debt issued outside the US, more than any other blockchain.
The growth of real-world assets on Stellar over 18 months has been rapid. From around $500 million in early 2025 to $854.6 million by the end of last year, and 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.
The sovereign debt total is built from a range of live products, including Etherfuse's Stablebonds, which 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.
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.