
Ethereum controls 43% of tokenized treasuries – Can rivals catch up?
Tokenized U.S. Treasuries are expanding rapidly across blockchains, but capital continues to concentrate heavily on Ethereum [ETH]. The sector now holds $15.2 billion, after accelerating sharply through 2025 and 2026. According to Tokenterminal data, Ethereum accounts for $6.6 billion, translating to roughly 43% of the market despite growing competition. Trailing closely is $BNB Chain with $4.8 billion, while Stellar [XLM], Solana [SOL], and Avalanche [AVAX] collectively add nearly $2.8 billion. Source: TokenTerminal This distribution shows institutions are adopting multiple settlement networks rather than relying on one chain. Nevertheless, Ethereum still maintains an important advantage. This is because Treasury liquidity sits…








