Stellar’s Tokenized T-Bills Surge $96.2 Million in a Week

Stellar’s tokenized US Treasury bills saw a significant surge last week, with the market cap climbing by $96.2 million. This increase follows a consistent trend of inflows on the network, reinforcing its growing role in the tokenization of real-world assets (RWAs).

A tokenized T-bill is a digital representation of a short-term US government debt instrument, offering investors a blockchain-based claim on these assets. According to a report from the RWA Foundation and Token Terminal, Stellar’s tokenized T-bills added $81.2 million to their market cap in the week ending October 5, 2026. Overall, tokenized funds on Stellar grew by $90.9 million, with Treasuries leading the growth.

Ethereum also saw substantial gains, with its tokenized T-bills increasing by $93.2 million during the same period. J.P. Morgan and Franklin Templeton were key contributors, adding $81.4 million and $72.6 million, respectively. Stellar’s market cap for these assets has expanded dramatically, from $500 million in early 2025 to over $3.47 billion by early October 2026.

Franklin Templeton’s BENJI product, launched on Stellar in April 2021, has been a major driver of this growth. While Ethereum maintains the overall lead in Treasury token volumes, the competitive landscape remains dynamic, with weekly fluctuations influenced by rebalancing and shifts between chains. The dominance of a few large issuers means that strategic changes at any firm could significantly impact network numbers.