Ethereum holds 43.2% of the market and BNB Chain 31.5%, meaning nearly three-quarters of tokenized U.S. Treasury issuance sits on the two networks, Token Terminal data shows.
The market capitalization of tokenized U.S. Treasuries has reached $15.2 billion and now spans 18 blockchains, according to Token Terminal data cited by PANews. Ethereum accounts for 43.2% of the market, followed by BNB Chain at 31.5% and Stellar at 7.5%. The figures indicate that nearly three-quarters of tokenized U.S. Treasury issuance is concentrated on Ethereum and BNB Chain, underscoring how a small number of networks continue to dominate this corner of real-world assets (tokenized traditional financial instruments on blockchain).