Tokenized U.S. Treasury bills continued to expand across blockchain networks in the past month, with Solana recording the largest increase at $378.2 million. Ethereum followed with $272.2 million in new value, leaving Solana ahead by approximately $106 million. Off-chain holdings rose by $81.7 million, while BNB Chain contributed $49.2 million. Smaller gains appeared on zkSync Era at $6.1 million, with other networks adding less than $1 million each.

Issuance Concentrated Among Leading Providers

Fresh supply came primarily from established tokenized treasury providers. Superstate accounted for $184.2 million of the 30-day growth, closely followed by Securitize at $182.8 million. Franklin Templeton added $86.2 million, OpenEden contributed $39.7 million, and J.P. Morgan provided $24.2 million. The combined activity from the top three providers alone reached $453.2 million, pointing to concentration among larger participants even as smaller issuers registered incremental gains.

This pattern of issuance has created multiple avenues for users to trade the assets, post them as collateral, or integrate them into decentralized finance applications. At the same time, the current distribution remains heavily weighted toward a limited set of networks and issuers.

Tokenized Equities Move into Active DeFi Use

Beyond Treasury bills, tokenized equities have begun to show on-chain utility. Approximately $111 million of these assets is now deployed across DeFi protocols, drawn from a broader market valued near $2.3 billion to $2.4 billion. Solana holds the dominant share at $71.6 million, or roughly 64 to 65 percent of the deployed total. Ethereum accounts for $15 million and BNB Chain for $13.9 million.

These positions support lending, liquidity provision, and trading rather than remaining idle. Solana also recorded $5.8 billion in spot decentralized exchange volume, indicating active secondary market activity within its ecosystem.

Network Growth Versus Token Price Pressure

Despite the expansion in tokenized assets on Solana, its native token faced short-term selling pressure. The price traded near $74.97 after a 0.68 percent decline over 24 hours, with daily volume falling 6.89 percent to $652.6 million. Technical indicators showed the relative strength index near 46 and a negative moving average convergence divergence histogram, consistent with cautious momentum. Broader market factors, including recent outflows from U.S. spot Bitcoin exchange-traded funds, contributed to weaker demand for higher-volatility assets.

Market participants continue to monitor support near $74.97, with potential consolidation between that level and $75.64 if the floor holds. Network fundamentals around tokenized Treasuries and equities remain separate from near-term price dynamics.

Overall, the latest data illustrate Solana’s current lead in absorbing new tokenized Treasury value while also capturing the majority of active DeFi deployment for tokenized equities. Continued issuance and on-chain utilization will determine whether these products develop into a more evenly distributed multichain market.