#Stellar Overtakes Ethereum in Tokenized Non-US Sovereign Debt
1️⃣ OVERVIEW - A QUIET FLIP IN RWA RACE
For a long time, Ethereum held the lead in almost all RWA classes. That picture broke in early February 2026. Data from RWA.xyz shows Stellar moved ahead of Ethereum in tokenized non-US sovereign debt and held that lead each day since that date.
Ethereum still leads in tokenized US Treasuries and in total RWA value. But in debt issued outside the US, in currencies other than the dollar, Stellar is now first.
2️⃣ THE NUMBERS
As of 20 August 2026, Stellar holds around $490 million in tokenized non-US sovereign debt. Some reports put the figure above $520 million.
This pool is part of a larger surge. Stellar RWA market rose by around 360% this year to near $4 billion. This growth came from institutional use and diverse asset types.
3️⃣ WHAT IS INSIDE THIS $490M POOL
The total is built from live products across five regions:
• Mexican CETES - short-term bills of the Mexican state, brought on-chain via Etherfuse Stablebonds • Brazilian Tesouro bonds - also via Etherfuse • Euro-based T-bill fund from Spiko - grew from $520M to $970M in one year, with most growth on Stellar • South Korean Treasury Bonds • Marshall Islands sovereign bond - the first digital sovereign bond used to fund basic income, issued on Stellar in late 2025
4️⃣ WHY STELLAR LEADS HERE
Three drivers stand out:
• Low cost and fast settlement - ideal for small tickets and high-frequency coupon flows • Issuer focus - Etherfuse and Spiko built pipelines where local debt is wrapped for global buyers • Compliance-ready tools - easy KYC layers and issuance kits for regulated firms
This opens access to debt beyond dollar-based portfolios and widens buyer base to firms that seek yield in local currencies.
5️⃣ IMPACT FOR MARKET
This flip does not mean Ethereum lost the RWA war. It means the market splits by use case. Ethereum holds the bulk of US debt. Stellar holds the lead in non-US state debt.
For investors, it shows on-chain debt is no longer US-only. For issuers, it proves a chain can win a vertical by focusing on real issuer needs rather than total value locked.
Stellar now shows that tokenized state debt can move from a US-centric model to a truly global model.
