Stellar Overtakes Ethereum In Tokenized Non-US Government Debt

Stellar has solidified its position as the leading blockchain for tokenized non-U.S. sovereign debt, holding approximately $490 million in such assets as of August 20. While Ethereum continues to dominate the broader real-world asset market and U.S. Treasury tokenization, Stellar has captured a unique niche by facilitating debt instruments denominated in non-dollar currencies. The network's total real-world asset value, excluding stablecoins, experienced rapid growth, climbing from $500 million in early 2025 to over $3 billion by June 2026. This expansion is driven by diverse products such as Etherfuse’s Mexican and Brazilian bonds, Spiko’s euro-denominated funds, and sovereign bonds from the Marshall Islands. Stellar now accounts for roughly 9% of the total distributed RWA market, distinguishing itself as the only major non-EVM chain in the top four networks. Institutional adoption has also accelerated, with major entities like Société Générale, Amundi, and U.S. Bank engaging with the ecosystem. This shift highlights a growing demand for blockchain-based infrastructure that supports global government debt beyond the U.S. dollar-centric financial system.