Stellar Surges to $490M Lead in Tokenized Non-US Government Debt
Stellar has taken the lead in tokenized non-US government debt, surpassing Ethereum since February. The network currently holds $490 million in this category, according to data from RWA.xyz cited by Stellar. This growth is largely due to Mexican CETES and Euro T-Bills, which have contributed significantly to Stellar's expansion in sovereign markets.
The addition of government-baked tokens representing South Korean Treasury Bonds and a digital sovereign bond from the Marshall Islands has also added to Stellar's geographic diversity. Meanwhile, stablecoins have increased liquidity in tokenized debt, with the total payment amount surging by 72% year-over-year to $5.5 billion in Q1 2026.
The architecture of Stellar focuses on cross-border and multi-currency payments, making it an attractive platform for sovereign debt. The network's minimal transaction fees and rapid settlement times have also contributed to its growth in this area.