Tokenized real-world assets on the Stellar blockchain have expanded by approximately 360% since the beginning of 2026, driving the network’s RWA market capitalization to $3.996 billion as of August 29, according to a Dune Analytics dashboard maintained by Stellar. This figure stands in contrast to $868.8 million at the end of the previous year.
This rapid growth has been fueled by a concentrated group of issuers operating across US Treasurys, private and public credit, non-US government debt, and additional asset categories. Spiko dominates the sector with $1.55 billion in tokenized assets as of August 27, followed by Realiz at $559 million, Tradable at $548 million, Franklin Templeton at $546 million, and Ondo at $535 million.
IssuerRWA Value (Aug. 2026)Spiko$1.55 billionRealiz$559 millionTradable$548 millionFranklin Templeton$546 millionOndo$535 million
Note: Figures are as of Aug. 27, 2026, based on the Dune Analytics dashboard maintained by Stellar.
Non-US Government Debt Gains Traction
Stellar has established a significant presence in tokenized non-US government debt. Citing data from RWA.xyz, the Stellar Development Foundation reported that the network held approximately $490 million in such assets as of August 20. This portfolio includes tokenized Mexican CETES and Brazilian government bonds issued through Etherfuse, a fintech platform specializing in tokenizing sovereign debt to broaden investor access and enhance liquidity.
Tradable, which has already tokenized $1.7 billion in private credit across nearly 30 positions, announced in July plans to bring up to $1 billion in additional private credit assets onto Stellar. This initiative aims to streamline compliance processes, investor onboarding, and asset lifecycle management.
Institutional Adoption Accelerates
Financial market infrastructure providers have deepened their engagement with the network. In May, the Depository Trust & Clearing Corporation announced plans to link its tokenization service to Stellar, with DTC-tokenized assets anticipated to become available on the network during the first half of 2027. This integration could eventually support tokenized US Treasurys, large-cap index ETFs, and stocks from the Russell 1000.
The payments segment has also expanded. MoneyGram launched its MGUSD dollar stablecoin on Stellar in June, enabling users to hold dollar-denominated balances and transfer funds through the company’s international payments infrastructure. Reserve-verified stablecoins issued on Stellar now total approximately $438 million, according to the Dune dashboard.
Native Token Lags Despite Network Growth
Despite the surge in on-chain RWAs and increasing institutional participation, Stellar’s native token has not kept pace with these developments. XLM is down approximately 11% year to date and is trading near $0.18, according to CoinGecko data. This divergence highlights a broader pattern observed across blockchain networks this year: infrastructure adoption and token price performance do not always move in tandem, particularly as tokenized asset flows are increasingly driven by institutional issuers rather than retail speculation.
The concentration of RWA issuance among a limited number of players also raises questions about the durability of this growth trajectory. Spiko alone accounts for roughly 39% of Stellar’s tokenized asset value, meaning the network’s RWA market remains sensitive to the strategic decisions of a few large issuers. Nevertheless, the scheduled DTCC integration and Tradable’s private credit pipeline suggest that institutional inflows are likely to continue into 2027, potentially diversifying the issuer base and deepening liquidity across asset classes.
