XRP Debt Debate Rages as Stellar Surpasses Ethereum in Non-US Sovereign Debt

The tokenized finance narrative is being put to the test by the XRP debt debate. Stellar has reported $490 million in tokenized non-U.S. sovereign debt, surpassing Ethereum in this specific category.

This figure comes from RWA.xyz measurements dated August 20, 2026, and highlights Stellar's lead in non-U.S. government debt tokenization, rather than U.S. Treasuries.

XRP supporters have discussed possible roles for the token in America's future financial infrastructure, but no confirmed government plan links XRP with national debt repayment today.