BNB Chain Overtakes Ethereum in $14.2B Tokenized Treasury Market

BNB Chain held the largest recorded balance of tokenized U.S. Treasuries on Nov. 9 — about $4.39 billion — narrowly overtaking Ethereum's $4.31 billion in a market valued at roughly $14.2 billion, according to the on-chain data.

The gap between the two networks is thin: roughly $80 million. But the shift in leadership carries weight in a market where Ethereum had long been the default settlement layer for regulated tokenized assets. Stellar followed with about $1.93 billion, and Solana held about $1.91 billion.

How far has Ethereum fallen?

Ethereum's Nov. 9 balance sits roughly 52% below its May 11 peak of about $8.92 billion, per the recorded figures. That peak-to-current comparison marks the sharpest drawdown among major networks in the tokenized Treasury segment.

The decline does not mean the assets left the market. The overall market still commands about $14.2 billion in value. What changed is distribution: the recorded balances show tokenized Treasuries spreading across multiple chains rather than concentrating on a single network.

For issuers and institutional holders, chain choice now reflects operational considerations — settlement costs, integration support and liquidity distribution — rather than default inertia toward Ethereum.

Who dominates issuance?

A separate ranking by issuing platform shows heavy concentration at the top of the market. Franklin Templeton Benji holds the largest share at 22.7%, followed by:

• Ondo — 21.9%
• Circle — 14.8%
• Securitize — 13.2%

Together, those four platforms account for 72.6% of the tokenized Treasury market.

The next tier is considerably smaller. Kinexys holds 6.3%, WisdomTree 4.8%, Libeara 4.6% and Superstate 3.1%.

The two rankings measure different things. Platform shares describe which issuers created the tokens; network balances show where those tokenized Treasuries were actually recorded on-chain. An issuer like Franklin Templeton can lead issuance while its products settle across more than one network.

What does the concentration mean for the market?

A 72.6% share held by four issuers leaves the remaining quarter of the market split among smaller platforms, several of which hold under 5% each. That concentration cuts both ways. It signals institutional trust in a handful of established managers — Franklin Templeton and WisdomTree are traditional asset managers, Ondo and Securitize are native digital-asset firms — but it also means the market's growth trajectory depends heavily on a small group of issuers' product decisions.

On the infrastructure side, the near-parity between BNB Chain and Ethereum, at $4.39 billion and $4.31 billion respectively, suggests competitive pressure on settlement-layer economics. Networks that can attract Treasury issuers gain a durable, fee-generating asset class with institutional counterparties.

The 52% decline in Ethereum's balance since its May 11 peak of $8.92 billion will be the metric to watch. If the redistribution toward BNB Chain, Stellar and Solana continues, the tokenized Treasury market's infrastructure layer becomes genuinely multi-chain — and issuers gain leverage in negotiating where their products settle.