Ethereum controls $6.6 billion, or roughly 43%, of the $15.2 billion tokenized U.S. Treasury market, according to Tokenterminal data. BNB Chain trails with $4.8 billion, while Stellar, Solana, and Avalanche together add nearly $2.8 billion more. Deep stablecoin liquidity keeps Ethereum's lead intact even as rival chains expand.
Ethereum controls $6.6 billion of the $15.2 billion tokenized U.S. Treasury market, or roughly 43%, according to Tokenterminal data. BNB Chain trails with $4.8 billion. Stellar, Solana, and Avalanche together hold nearly $2.8 billion more. That spread shows institutions are adopting multiple settlement networks rather than relying on one chain.
Stablecoin liquidity keeps Ethereum's edge intact
Even so, Ethereum's Treasury liquidity sits alongside $162.4 billion in stablecoins. It also holds $578.8 million in euro stablecoins, out of an $826.3 million market total. Together, that liquidity depth lets Ethereum support settlement across several financial products within one ecosystem, so its advantage increasingly rests on liquidity rather than Treasury share alone.
Rivals build scale in specific segments
Competition is nevertheless emerging in pockets. Solana's euro stablecoin balance has grown to $122.6 million, putting it clearly ahead of Base's $57.9 million. Tron, meanwhile, already holds $91.3 billion in stablecoins. Newer network HyperEVM has crossed $5 billion as well. Rather than one network replacing Ethereum outright, liquidity is becoming more specialized across chains.
That wider spread does not necessarily mean Ethereum is losing capital to rivals. Instead, tokenized finance is expanding across more chains at once: Ethereum still holds $162.4 billion in stablecoins, compared with $91.3 billion on Tron and $14.8 billion on Solana. Ethereum's balances keep rising even as competitors expand, pointing toward new issuance rather than direct migration, so its percentage share can fall even while its liquidity base grows.
A genuine shift would therefore require rivals to grow while Ethereum's absolute balances decline — confirming liquidity is leaving rather than simply expanding elsewhere.
Source: AMBCrypto
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