Solana Adds $378M in Tokenized U.S. T-bills, Overtakes Ethereum

Fresh issuance of tokenized U.S. Treasury bills is spreading beyond a single chain, with Solana emerging as the largest contributor over the past month. In the last 30 days, Solana [SOL] added $378.2 million in tokenized T-bills, outpacing Ethereum's [ETH] $272.2 million increase by about $106 million. The data suggests Solana has recently taken the lead in adding new Treasury value to user balances. Offchain holdings rose $81.7 million over the same period, while BNB Chain grew by $49.2 million. Smaller gains included zkSync Era at $6.1 million, with other networks staying below $1 million. The buildout of tokenized Treasury products is expanding potential use cases, including trading, collateralization, and integration into DeFi. Issuance remains highly concentrated, and whether tokenized Treasuries develop into a broader multichain market will depend on where incremental growth accrues. On the issuer side, new supply has been driven primarily by a handful of major providers. Superstate led 30-day growth with $184.2 million, narrowly ahead of Securitize at $182.8 million. Franklin Templeton added $86.2 million, bringing the combined increase for the three to $453.2 million. OpenEden expanded by $39.7 million, while J.P. Morgan added $24.2 million. The figures point to capital clustering around established firms rather than distributing evenly across issuers. Still, smaller providers continue to gain traction, indicating gradual diversification in market participation. Tokenization activity is also being tested beyond issuance through tokenized equities. About $111 million in tokenized stocks is currently deployed across DeFi, out of a total market estimated around $2.3 to $2.4 billion, based on RWA data. While still a modest share, it indicates equities are increasingly used in lending, liquidity, and trading instead of sitting idle. Solana leads DeFi-deployed tokenized equities with $71.6 million, representing roughly 64–65% of the deployed value, according to Token Terminal. Ethereum follows at $15 million, ahead of BNB Chain at $13.9 million. Concentration also shows up in trading activity, with Solana posting $5.8 billion in spot DEX volume. Summary: Solana led 30-day growth in tokenized T-bills as a small group of major issuers drove most new supply across chains. Tokenized equities are moving from issuance toward usage, with $111 million already deployed across DeFi markets.