Compass Investments

– The latest expansion of the U.S. tokenized Treasury bill market indicates that new issuances are increasingly making their way into key blockchain ecosystems. Over the past thirty days, Solana [SOL] has seen growth of $378.2 million, outpacing Ethereum [ETH] (an increase of $272.2 million) by nearly $106 million.

This indicates that Solana has outpaced Ethereum [ETH] in terms of the growth rate of treasury assets on its users balances.

At the same time, off-chain assets increased by $81.7 million, and BNB Chain added $49.2 million, showing growth that exceeded that of the two leaders.

Growth on zkSync Era was more modest at $6.1 million, while the results for other networks fell short of $1 million.

New treasury instruments will open up a wide range of opportunities for users to trade, use as collateral, or integrate into DeFi protocols. However, it is clear that the current issuances have led to a noticeable concentration in this segment.

Therefore, we believe that future development will be a decisive factor in determining whether tokenized treasury securities will evolve into a full-fledged multi-chain market.

This expansion across various blockchains is supported by recent issuances from several leading providers of tokenized treasury instruments. Superstate took the lead over the 30-day period with an increase of $184.2 million, narrowly edging out Securitize, which recorded $182.8 million.

Franklin Templeton followed with $86.2 million, bringing their total growth to $453.2 million. OpenEden, in turn, added $39.7 million, while J.P. Morgan added another $24.2 million. , “detected_source_language”: “EN

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Furthermore, these figures show that capital is accumulating in established firms rather than being distributed evenly across the market.

This contrasts with a scenario in which capital is widely dispersed across markets. Nevertheless, it is worth noting that other, smaller issuers continue to gain momentum, indicating a gradual but steady diversification of market participants.

The ongoing issuance of short-term Treasury bills (T-bills) indicates that tokenization is increasing supply, but it is tokenized shares that will ultimately determine whether these assets can gain real value after issuance. Currently, approximately $111 million in tokenized stocks is locked in DeFi. According to RWA data, this represents a share of the total market valued at between $2.3 and $2.4 billion.

Although this is still a modest portion, it enables stocks to be used for lending, liquidity provision, and trading, rather than leaving them idle. Solana leads the pack with $71.6 million, accounting for approximately 6465% of the total value locked, according to Token Terminal. Ethereum follows with $15 million, ahead of BNB Chain with $13.9 million.

A similar concentration is evident in trading: Solana recorded $5.8 billion in spot trading volume on decentralized exchanges (DEXs). Looking ahead, an increase in DeFi balances will demonstrate whether tokenization is moving from the issuance stage toward sustainable on-chain adoption.

Solana led the growth in tokenized short-term notes, as major issuers accounted for the bulk of new supply across all networks.

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