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Stellar’s tokenized real-world asset market has grown into something institutions take seriously. As of August 29, 2026, tokenized RWAs on the network totaled approximately $3.996 billion.
That is up 360% from $868.8 million at the end of 2025. The figure briefly crossed $4 billion around August 3, so the network has already visited the four-comma neighborhood once this year.
XLM, Stellar’s native asset, has been trading around $0.18 through August. The network keeps adding assets, and the token has mostly stayed put.
Who is filling the vault
On Stellar, institutional issuers drove the growth. The asset mix covers US Treasuries, private and public credit, money market funds, and non-US sovereign debt.
Spiko leads the pack with approximately $1.55 billion in tokenized assets. That single issuer accounts for well over a third of the network’s RWA total.
The next tier is unusually tight:
Realiz: $559 million
Tradable: $548 million
Franklin Templeton’s BENJI ecosystem: $546 million
Ondo: $535 million
Together, those five issuers make up the vast majority of the market. Four of them sit within about $25 million of each other.
The emerging-market debt niche
Stellar’s most distinctive lane is tokenized non-US government debt. By August 20, 2026, the network held roughly $490 million in this category, which puts it ahead of every other public blockchain.
Much of that comes through Etherfuse, which brings assets like Mexican CETES and Brazilian bonds on-chain. CETES are short-term Mexican government securities.
The Stellar Development Foundation has emphasized robustness and regulatory alignment as core to its framework. The network lets institutions choose and configure privacy solutions alongside compliance controls.
Background: from $868.8 million to the DTCC
Stellar closed 2025 with $868.8 million in tokenized RWAs. Eight months later, it is closing in on five times that base.
The DTCC plans to connect its tokenization service to Stellar, with DTC-custodied assets set to become available in the first half of 2027.
What this means
Concentration is the risk worth watching. Five issuers account for most of the market, and Spiko alone holds approximately $1.55 billion. If one large issuer migrated assets elsewhere or wound down a product, the network’s headline number could fall quickly.
For XLM holders, the token trading near $0.18 while network RWAs climb 360% points to a disconnect between on-chain activity and market sentiment toward the asset itself. Tokenized Treasuries and money market funds do not require their holders to buy and hold large amounts of the native token.
The things to track from here are fairly concrete. Watch whether the total holds above $4 billion rather than briefly touching it. Watch whether the non-US sovereign debt lead widens beyond roughly $490 million. And watch whether the DTCC connection arrives in the first half of 2027 as planned.
Disclosure: This article was edited by Kaye Quema. For more information on how we create and review content, see our Editorial Policy.
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