Stellar has held the lead in tokenized non-US government debt since February, with $490M in sovereign instruments from issuers including Etherfuse, Spiko, Ondo, Franklin Templeton, and Circle. The category grew from roughly $500M in early 2025 to $3B by June 2026. Sovereign issuers choose Stellar for its multi-currency design, protocol-native compliance, and frictionless dollar liquidity via USDC.
Stellar has held the lead in tokenized non-US government debt since February 2026, with $490M in sovereign instruments onchain—more than any other blockchain. This represents a specific race: debt issued outside the US in non-dollar currencies. Ethereum leads in US Treasuries and total RWA value, but Stellar's position serving governments and businesses that don't operate in dollars may define where tokenization goes next. Growth has been steep: from roughly $500M in early 2025 to $3B by June 2026, a threefold increase. The lead is built on real products from issuers including Etherfuse (Mexican CETES and Brazilian Tesouro bonds), Spiko (euro-denominated T-bills), Ondo (USDY), Franklin Templeton (BENJI), and WisdomTree. Sovereign issuers choose Stellar for three reasons: the protocol was built for cross-border, multi-currency settlement with fractions-of-a-cent fees and five-second finality; compliance is native to the protocol, reducing custom tooling; and dollar liquidity is frictionless via Circle's USDC and Cross-Chain Transfer Protocol.
