Solana added $378.2 million in tokenized U.S. T-bills over the last thirty days, outpacing Ethereum’s $272.2 million increase by roughly $106 million. Leading issuers were Superstate ($184.2M), Securitize ($182.8M) and Franklin Templeton ($86.2M), together accounting for $453.2 million in combined growth. Meanwhile, tokenized equities are starting to find utility in DeFi, with $111 million already deployed across decentralized finance protocols out of a total market near $2.3 to $2.4 billion. Solana leads this segment with $71.6 million (roughly 64 to 65% of deployed value) and $5.8 billion in spot DEX volume. This market concentration around a few established issuers raises questions about whether tokenized Treasuries will evolve into a broader multichain market or remain dominated by a handful of platforms.
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