The world's government debt is coming onchain. It's choosing Stellar.

The Stellar network has officially overtaken Ethereum to become the leading blockchain for tokenized non-US sovereign debt, holding approximately $490 million in such instruments as of August 20, 2026. This milestone reflects a broader growth trend for Stellar, which saw its total real-world asset (RWA) value, excluding stablecoins, climb from $500 million in early 2025 to over $3 billion by June 2026. The network's success is driven by its specialized architecture, which is purpose-built for cross-border, multi-currency settlement and native compliance features. Key issuers like Etherfuse and Spiko have leveraged these capabilities to bring diverse assets, including Mexican CETES and euro-denominated T-bills, onto the chain. Furthermore, the integration of native USDC and institutional partnerships with firms like Franklin Templeton and Société Générale-FORGE have solidified Stellar's position as a top-four network for RWA value. This shift highlights a growing institutional preference for non-EVM chains that prioritize efficient, multi-currency transaction velocity over dollar-centric ecosystems. The ability to use these tokenized assets as productive collateral further signals a maturing market where on-chain sovereign debt is increasingly utilized for active financial operations.