Ethereum controls 43% of tokenized treasuries – Can rivals catch up?

Tokenized U.S. Treasuries are increasing quickly throughout blockchains, however capital continues to pay attention closely on Ethereum [ETH]. The sector now holds $15.2 billion, after accelerating sharply via 2025 and 2026.

In keeping with Tokenterminal information, Ethereum accounts for $6.6 billion, translating to roughly 43% of the market regardless of rising competitors. Trailing intently is $BNB Chain with $4.8 billion, whereas Stellar [XLM], Solana [SOL], and Avalanche [AVAX] collectively add almost $2.8 billion.

This distribution reveals establishments are adopting a number of settlement networks fairly than counting on one chain. However, Ethereum nonetheless maintains an necessary benefit. It’s because Treasury liquidity sits alongside $162.4 billion in stablecoins and $578.8 million in euro stablecoins.

Collectively, that mixture creates deeper liquidity for shifting between tokenized money and yield-bearing property. Consequently, Ethereum can help settlement throughout a number of monetary merchandise inside one ecosystem.

Its higher hand, subsequently, relies upon more and more on liquidity depth, whilst competing chains seize significant Treasury flows.

Ethereum leads as rivals achieve liquidity

Ethereum’s lead in tokenized Treasuries varieties solely a part of its wider place throughout on-chain finance. Euro stablecoins reinforce that benefit, with Ethereum holding $578.8 million from an $826.3 million market.

But the distribution additionally reveals the place competitors is starting to emerge. Solana has grown to $122.6 million, inserting it clearly forward of Base at $57.9 million. This issues as a result of competing chains are gaining scale in numerous liquidity segments.

TRON, as an example, already holds $91.3 billion in stablecoins, whereas $BNB Chain controls $4.8 billion in tokenized Treasuries. Somewhat than one community straight changing Ethereum, liquidity is turning into extra specialised throughout chains.

Ethereum subsequently retains the broadest attain, whereas rivals more and more set up significant positions inside particular person markets.

That wider unfold of liquidity doesn’t essentially imply the dominant altcoin is dropping capital to rival networks. As a substitute, tokenized finance is increasing throughout extra chains. Ethereum nonetheless holds $162.4 billion in stablecoins, in contrast with $91.3 billion on Tron and $14.8 billion on Solana.

HyperEVM has additionally crossed $5 billion, exhibiting newer networks are attracting significant capital. But Ethereum’s balances proceed rising as opponents increase, pointing towards new issuance fairly than direct migration. Its proportion share can subsequently fall even whereas its liquidity base grows.

For now, that retains Ethereum’s moat intact regardless of stronger competitors. A real shift would require rivals to develop whereas Ethereum’s absolute balances decline, confirming that liquidity is leaving fairly than merely increasing elsewhere.

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