Stellar Surpasses Ethereum in Tokenized Sovereign Debt, XRP's National Debt Role Unclear
The tokenization of sovereign debt on public blockchain platforms has gained significant attention in recent times. One such platform, Stellar, is reportedly leading in this area, with $490 million worth of non-U.S. sovereign debt tokenized as of August 20, 2026.
This figure surpasses even Ethereum's market share in tokenized Treasuries. Stellar also claims to have developed its entire RWA ecosystem, which includes sovereign bonds, Treasury products, investment funds, credit instruments, and gold, totaling $3 billion in June 2026.
The debate surrounding XRP revolves around its potential use cases, including payments, liquidity, and settlements within the U.S. financial infrastructure. Some proponents suggest that XRP could be involved in strategies linked to the U.S. national debt, but there is no concrete evidence supporting this claim.