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ETH 
XLM Stellar becomes the leading public chain in tokenization of non-U.S. government debt
According to the latest on-chain data, Stellar has become the leading public chain in the field of tokenization of non-U.S. government debt, with approximately US$490 million in assets under custody. Since February this year, Stellar Networks has surpassed competitors in this area, marking a shift in real-world asset (RWA) tokenization from traditional U.S. Treasury bonds and U.S. dollar stablecoins to a broader direction.
Global surge in tokenized debt
Institutional custodians and fund management platforms are increasingly using Stellar to issue and store debt securities denominated in euros, British pounds and other local currencies. This trend highlights the accelerating global transition to blockchain finance-most non-U.S. governments and companies do not mainly use U.S. dollars in their daily operations, but still issue debt on-chain. Since February, Stellar has led the market, holding approximately $490 million in tokenized non-U.S. government debt, surpassing any other public chain in this segment. Growth in tokenized non-U.S. government debt on Stellar is strong, with new issues significantly exceeding other Layer-1 public chains that focus on similar financial instruments.
Benefits to issuers, asset managers and developers
Introducing sovereign debt into blockchain removes communication barriers between the United States and foreign countries, provides 7×24-hour settlement opportunities, and leverages programmable and compliant infrastructure. Asset managers can immediately perform atomic settlement in stablecoins, and issuers can bring new instruments to market at a lower cost. Exchanges and custodians are expanding their services to accommodate funds from Europe, Latin America and Asia. For developers, Stellar combines low transaction fees and built-in compliance features, making it the first choice for companies seeking to provide regulated financial products.
Small Dictionary: Real-world asset (RWA) tokenization refers to the direct issuance of digital tokens on the blockchain that represent the ownership of tangible assets or financial assets (such as government debt). This enables transparent, efficient and programmable asset management across borders.
Global regulatory shifts and future challenges
Efforts by countries to wean the reserve and settlement system away from its dependence on the US dollar are promoting the wider use of blockchain-based solutions. Recent regulatory developments in distributed ledger technology (DLT) securities in the European Union and the UK are expected to encourage the issuance of more tokenized financial instruments. While Ethereum and Polygon are also attracting RWA issuers, Stellar has maintained its leading position in this emerging field with its first-mover advantage. Key points for the network's continued development include verifying reserves, expanding secondary market liquidity, and establishing cross-chain interoperability standards to support broader corporate adoption.
Important steps for the industry include reserve verification, improving secondary market liquidity, and developing robust cross-chain standards-seen as keys to future growth of tokenized government debt.
Comparison of major public chains
Stellar: Tokenized non-U.S. government debt is approximately US$490 million, characterized by low fees, strong compliance, and leading growth.
Ethereum : Tokenized non-U.S. government debt is lower than Stellar, characterized by widespread adoption of smart contracts and competition in the RWA space.
Polygon: Tokenized non-U.S. government debt is lower than Stellar, characterized by a focus on scalability, and is exploring the RWA market.
