Stellar’s tokenized US T-bills add $96.2 million in a single week

The market cap of tokenized US Treasury bills on Stellar climbed by $96.2 million over the past week.

The jump adds to a steady run of Treasury inflows on the network.

A week of Treasury inflows

A tokenized T-bill is a digital token that represents a claim on a short-term US government IOU, or on a fund holding those IOUs.

A separate RWA Activity report from the RWA Foundation and Token Terminal, covering the week ending October 5, 2026, logged its own sizable move.

In that report, tokenized T-bills on Stellar added $81.2 million to their market cap. Total tokenized funds on the network grew by $90.9 million that week, with Treasuries doing most of the heavy lifting.

Ethereum’s tokenized T-bills grew by $93.2 million over the same period, edging out Stellar’s weekly gain.

Issuer-level figures in the research reportedly credit J.P. Morgan with $81.4 million in T-bill growth. Franklin Templeton reportedly contributed $72.6 million.

From side project to a $3.47 billion base

The network’s market cap for these assets grew from an estimated $500 million in early 2025 to more than $3 billion by June 2026.

As of early October 2026, distributed real-world assets on Stellar stood at approximately $3.47 billion.

Franklin Templeton’s BENJI product has been central to the narrative. It launched on Stellar in April 2021, long before tokenization became a standard line in bank strategy decks.

What the inflows mean for the tokenization race

Ethereum still holds the overall lead in total Treasury token volumes, according to the research, and it outgrew Stellar in the October 5 reporting week.

Weekly market cap figures can swing as funds rebalance, redeem, or shift between chains, so a single strong week does not guarantee a trend line.

When a handful of large issuers account for much of the growth, a strategy change at one firm could noticeably dent a network’s numbers.