Stellar (XLM) has been selected to host a range of government-related debt tokenization initiatives on its distributed ledger technology (DLT) network. The platform's share of non-US governmental debt has held the top position in the Real World Asset (RWA) sector since February 2026.

Roughly $490 million in tokenized foreign government bonds are now live on Stellar, more than on any other network, according to the project's official X account:

Most of the world's governments and businesses don't operate in dollars. Their debt is coming onchain anyway. Stellar now holds roughly $490M in tokenized non-US government debt, more than any other network. It has led the category since February. pic.twitter.com/m0WGeIVRAp

— Stellar (@StellarOrg) August 21, 2026

The position is a niche within a broader trend: public trackers such as RWA.xyz have reported the overall tokenized real-world asset market in the tens of billions of dollars, with tokenized US Treasury funds — concentrated on networks like Ethereum and Solana — among its largest segments. Leading the non-US government debt category marks a differentiated institutional foothold for Stellar, a payments-focused chain launched in 2014 that has long courted regulated asset issuance.

A vast majority of the $490 million in tokenized foreign government bonds belongs to Spiko, which operates euro-denominated T-bills and an EUTBL money market fund within the European Economic Area (EEA). Etherfuse Stablebonds, meanwhile, runs sovereign debt for Brazil and Mexico on the network. The appeal for issuers is mechanical as much as promotional: on-chain instruments support programmable issuance and interest payments, around-the-clock transferability, and use as collateral in digital-asset markets, while conventional bond settlement typically completes on next-day or two-day cycles.

Another notable product is the Marshall Islands USDM1, a USD-denominated sovereign bond of roughly $100 million issued on Stellar. It is backed 1:1 by short-term US Treasuries, structured under New York law, and used in part for on-chain universal basic income (UBI) disbursements. Although USDM1 is frequently listed alongside the other instruments in Stellar's roster spanning five continents, its US-Treasury collateral can affect its strict "non-US" classification in some blockchain data trackers.

Etherfuse Targets 100+ Sovereign Debt Instruments

Etherfuse Stablebonds has set an explicit long-term goal of bringing approximately 100 sovereign currencies and debt instruments on-chain. The planned coverage spans broad markets including Mexico, Brazil, Korea, UK Gilts, the Eurozone, and the United States.

Sovereign debt tokenization is also advancing beyond these programs: the UK is targeting a digital gilt (DIGIT) pilot around early 2027, while India is piloting tokenized corporate and REC bonds. The pilot slate frames an open question for the sector: whether more sovereign issuers will follow the Marshall Islands in placing debt natively on public networks. Trading volumes across these new RWA products may have implications for the market capitalization of Stellar's native XLM token.

XLM Market Observations

At the time of writing, XLM trades near the $0.20 confluent resistance level, nearly three cents above the green-labeled SuperTrend price. Large crypto investors, popularly known as crypto whales, have returned to accumulating the asset, pushing the CMF back to positive levels.

The original market commentary identifies $0.25 as the next focal price area for XLM should current sentiment hold. The veteran altcoin topped out at that level a few months ago, and XLM bulls are positioned for a renewed attempt at that confluent area as the SuperTrend price has sustained bullish territory for a week.