Stellar Surpasses Ethereum in Non-US Sovereign Debt

Stellar (XLM) is holding its lead in tokenized non-US sovereign debt, a position it has maintained since February. The network currently holds roughly $490 million in tokenized sovereign debt issued outside the US, more than any other blockchain, according to data from RWA.xyz as of August 20.

This growth is significant, with real-world assets on Stellar excluding stablecoins increasing from approximately $500 million in early 2025 to over $3 billion by June. This represents a threefold increase over the past year and 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 comprised of various 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 over $970 million over the past year, with most of that growth occurring on Stellar specifically.