The market capitalization of tokenized US Treasury bills on Stellar grew by $96.2 million over the past week, extending a multi-quarter run of inflows on the network.

A tokenized T-bill represents a claim on short-term US government debt, or on a fund holding that debt. The latest weekly print adds to a Stellar base that has expanded from an estimated $500 million in early 2025 to approximately $3.47 billion as of early October 2026.

What does the latest RWA Activity report show?

A separate RWA Activity report from the RWA Foundation and Token Terminal, covering the week ending October 5, 2026, recorded $81.2 million in additional T-bill market cap on Stellar and $90.9 million in total tokenized-fund growth across the network. Treasuries accounted for most of the move.

Issuer-level data in the report credited J.P. Morgan with $81.4 million in T-bill growth and Franklin Templeton with $72.6 million. Two issuers, in other words, supplied the bulk of weekly additions.

That concentration carries direct operational implications for Stellar's tokenization franchise. A portfolio rebalance, a redemption cycle, or a cross-chain migration at either firm could materially change the network's headline figure.

How did Stellar build a multi-billion-dollar RWA book?

The network's tokenized-asset market cap grew from roughly $500 million in early 2025 to more than $3 billion by June 2026, and to approximately $3.47 billion by early October, according to the same research.

Franklin Templeton's BENJI product has anchored that trajectory since its April 2021 launch on Stellar, well before tokenization began appearing as a standard line item in bank strategy decks. J.P. Morgan's contribution, visible through dollar-denominated tokenized Treasury products, has grown in 2026 reporting cycles.

The two issuers illustrate a broader tokenized-Treasury pattern: a small set of large institutions drives most on-chain volume, and weekly prints swing with their allocation decisions.

What does the data say about the tokenization race?

Ethereum remains the dominant venue for tokenized US debt by total token volumes. The week ending October 5, 2026 marked a rare period in which Stellar's percentage gain closed part of the gap, but Ethereum still leads on absolute volume.

Weekly market-cap figures, however, are sensitive to fund rebalancing, redemption cycles, and cross-chain migrations. A single strong week does not establish a trend, particularly when a handful of issuers drive the print.

The next RWA Activity report, expected in mid-October, will provide the first read on whether issuer concentration holds and whether Ethereum's lead narrows in dollar terms.

The forward-looking question is structural. Tokenized Treasury growth now depends less on retail demand and more on the allocation calendars of a small set of institutions. Any shift to those calendars — a redemption window, a regulator-driven product restructuring, or a reallocation toward a competing chain — would surface directly in network-level RWA figures such as Stellar's.