Tokenised U.S. Treasuries are experiencing significant growth across various blockchains; however, capital remains predominantly focused on Ethereum. The sector currently possesses $15.2 billion, having experienced a significant acceleration thru 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, Solana, and Avalanche collectively add nearly $2.8 billion. This distribution indicates that institutions are increasingly utilising various settlement networks instead of depending on a single chain. Nevertheless, Ethereum continues to hold a significant advantage. This is due to Treasury liquidity being accompanied by $162.4 billion in stablecoins and $578.8 million in euro stablecoins. Together, this combination fosters enhanced liquidity for transitioning between tokenised cash and yield-bearing assets.
Consequently, Ethereum is capable of facilitating settlement across a variety of financial products within a singular ecosystem. Its upper hand, therefore, increasingly relies on liquidity depth, even as competing chains secure significant Treasury flows. Ethereum’s dominance in tokenised Treasuries represents just a segment of its broader influence within on-chain finance. Euro stablecoins reinforce that advantage, with Ethereum holding $578.8 million from a $826.3 million market. Yet the distribution also illustrates the areas where competition is starting to surface. Solana has reached $122.6 million, positioning it distinctly above Base at $57.9 million. This is significant as rival chains are achieving greater scale across various liquidity segments.
TRON, for instance, already holds $91.3 billion in stablecoins, while BNB Chain controls $4.8 billion in tokenised Treasuries. Instead of a single network supplanting Ethereum, liquidity is increasingly becoming specialised across various chains. Ethereum thus maintains the widest scope, whereas competitors are progressively carving out significant footholds within specific markets. The broader distribution of liquidity does not inherently indicate that the leading altcoin is experiencing capital outflows to competing networks. Tokenised finance is experiencing expansion across a greater number of chains. Ethereum maintains a substantial $162.4 billion in stablecoins, outpacing Tron, which has $91.3 billion, and Solana, with $14.8 billion.
HyperEVM has also surpassed $5 billion, indicating that emerging networks are drawing significant investment. Yet Ethereum’s balances continue to rise as competitors expand, indicating new issuance rather than direct migration. Its percentage share can thus decline even as its liquidity base expands. Currently, this maintains Ethereum’s competitive advantage, even in the face of heightened rivalry. A genuine shift would necessitate competitors to expand while Ethereum’s absolute balances diminish, thereby validating that liquidity is departing rather than merely reallocating to other areas.
