What to know:
- Stellar leads with $490M in tokenized non-US government debt, topping all networks since Feb 2026.
- Global demand rising as institutions seek 24/7, low-cost, multi-currency debt settlement beyond US dollars.
- RWA trend expanding with regulatory clarity in EU/UK set to drive more sovereign and corporate debt onchain.
Stellar currently tokenizes and stores approximately $490 million worth of non U.S. government debts, which is more than any other public blockchain. Per the latest on-chain data, since February, Stellar has led the market. The development reveals that tokenization of real assets is no longer confined merely to US government debts and US dollar stablecoins.
Background
The Stellar network is serving as the main platform for the issuance of non-US sovereign debt in tokenized format. Institutional custodians and fund platforms using Stellar are the ones holding these $490M worth of instruments expressed in multiple currencies such as euros, pounds, and other local currencies.
Growth rate has also been pretty good since February, with new issuances far outstripping competing Layer-1 chains in this area of speciality.
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24/7 Programmable Settlement
Onchain debt through which US-foreign correspondence is removed, offers settlement around the clock, is programmable and compliant and offers direct access to the funds. In this context, asset managers can get atomic settlement of their positions in stablecoins while the issuers can lower their issuance costs.
Source: Stellar
Exchanges and custodians are expanding their service offerings to cater to the funds from the European, Latin American, & Asian regions. For the developers, Stellar’s low fees plus compliance features out-of-the-box have made it the first choice for regulated securities rails.
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Dollar Alternatives Emerge
The movement shows a macroeconomic shift to diversify reserve and settlement rails from dollar dominance. Regulations have been getting clearer about DLT securities in the EU & UK, which will further trigger more issuance.
Source: MSB Intel’s X Post
The other smart contract platforms like Ethereum & Polygon are also courting RWA issuers, but as we have seen so far, XLM has built up enough lead over them. Important steps ahead will be verification of reserves, liquidity in the secondary market, & cross-chain interoperability standards.
Also Read: XLM Price Eyes $0.26 Signals Bullish Reversal as Stellar Gains Enterprise Adoption
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