Solana adds $378M in tokenized T-bills – Is Ethereum losing ground?
Tokenization is expanding from Treasury issuance toward broader on-chain use across major blockchain networks.
The latest expansion in tokenized U.S. T-bills shows that new issuance is increasingly spreading across major blockchain ecosystems. Over the last thirty days, Solana [SOL] added $378.2 million, leading Ethereum’s [ETH] $272.2 million increase by roughly $106 million.
This suggests that Solana has taken the lead over Ethereum [ETH] as far as adding new treasury value to its users’ accounts.
Meanwhile, off-chain holdings expanded by $81.7 million, while BNB Chain added $49.2 million, extending growth beyond the two leaders.
Smaller increases followed on zkSync Era at $6.1 million, while other networks remained below $1 million.
Additional treasury products will create multiple paths for users to engage in trading, use as collateral, or integrate into DeFi applications. However, it is clear that current issuances have created a large amount of concentration for this market.
Therefore, we believe that future growth will be key in identifying whether tokenized Treasuries evolve into a broader multichain market.
That expansion across blockchain networks is being supported by fresh issuance from several major tokenized treasury providers. Superstate led 30-day growth with $184.2 million, narrowly ahead of Securitize at $182.8 million.
Franklin Templeton followed with $86.2 million, bringing their combined increase to $453.2 million. Meanwhile, OpenEden added $39.7 million, while J.P. Morgan contributed another $24.2 million.
More so, this data also indicates that capital is being concentrated in established companies rather than spreading evenly across the market.
This is as opposed to having a broad distribution across the markets. However, it’s worth noting that other, smaller issuers continue gaining traction, indicating slow but continued diversification of participants within the market.
Tokenized equities extend beyond issuance
Continued T-bill issuance shows tokenization adding supply, but tokenized equities reveal whether those assets can gain utility after issuance. Currently, around $111 million in tokenized stocks is deployed across DeFi. This is from a total market near $2.3 to $2.4 billion, according to RWA data.
Although still a small share, this brings equities into lending, liquidity, and trading rather than leaving them idle. Solana leads with $71.6 million, accounting for roughly 64–65% of deployed value according to Token Terminal data. Ethereum follows at $15 million, ahead of BNB Chain at $13.9 million.
This concentration also carries into trading, with Solana recording $5.8 billion in spot DEX volume. Looking forward, rising DeFi balances would show whether tokenization is progressing from issuance toward sustained on-chain use.
Final Summary
- Solana led tokenized T-bill growth as major issuers drove most new supply across chains.
- Tokenized equities are moving beyond issuance, with $111 million already deployed across DeFi markets.
