Ethereum dominates the tokenized Treasuries market with a 43% share, representing $6.6 billion out of a total of $15.2 billion. BNB Chain follows with $4.8 billion, while Solana, Stellar and Avalanche collectively hold nearly $2.8 billion. This distribution indicates that institutions are adopting multiple settlement networks rather than relying on a single blockchain. Ethereum also maintains an advantage with $162.4 billion in stablecoins, creating deeper liquidity for switching between tokenized assets. However, competing chains are gaining market share in specific segments, although Ethereum’s absolute balances continue to rise, pointing toward market expansion rather than capital migration.
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