Stellar Surpasses Ethereum in Non-US Government Debt Holdings

Stellar has taken the lead in tokenized non-US government debt, surpassing Ethereum's holdings. According to data from RWA.xyz as of August 20, Stellar holds around $490 million in tokenized sovereign debt issued outside the US, more than any other blockchain.

This position has been maintained since February, and Stellar's lead is confined to sovereign debt issued outside the US and denominated in currencies other than the dollar. This smaller category is tied to a larger share of the world's governments and businesses that don't primarily operate in dollars.

The rapid growth of real-world assets on Stellar is evident, with $854.6 million in assets 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.

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 sovereign debt total is built from a range of live products, including Etherfuse's Stablebonds and Spiko's euro-denominated T-bill fund.