Stellar's monthly stablecoin transfer volume climbed from $1.89 billion to $10.35 billion over a twelve-month span, while monthly transaction counts nearly tripled to 21.7 million, according to new research from Allium Labs highlighted by the analyst account ALLINCRYPTO on X (post). The figures show substantial annual increases across the network's core activity metrics, from payments to tokenization.

The study compares September 2026 activity with September 2025 measurements and documents parallel growth in headline and adjusted measures of payment activity, along with rising stablecoin supply, tokenized real-world asset (RWA) value, wallet participation, and smart contract usage.

Stablecoin Transfers Record Strong Annual Growth

Monthly stablecoin transfer volume reached $10.35 billion, compared with $1.89 billion a year earlier, representing growth of approximately 447% within twelve months. Monthly stablecoin transactions climbed from 7.7 million to 21.7 million, a figure nearly three times the previous transaction count. For a network whose central use case is payments, throughput of this kind offers a direct view of how much value its core rails are moving.

Stellar's stablecoin supply also rose from $286 million to $546 million, an annual increase of approximately 91% that shows more stablecoin value circulating across the network.

Adjusted measurements provide a complementary view of the payment activity. Monthly adjusted transfer volume reached $2.42 billion, up from $1.07 billion, while adjusted transfer counts increased from 4.63 million to 5.7 million. Both metrics moved higher over the period, though they remain well below the unadjusted totals.

Tokenized Real-World Assets Expand Their Market Share

The report also records considerable growth in Stellar's tokenized real-world asset market, a segment central to the network's expansion. Tokenized RWAs have become one of the more closely watched areas of the blockchain industry, with multiple networks competing for share of the market. RWA market capitalization on the network increased from $674 million to $4.12 billion, an increase of approximately 511% over the measured period.

Stellar's share of tracked tokenized RWAs moved considerably higher as well, rising from 4.9% to 12.7% over the year — meaning the network more than doubled its position within the tracked tokenization market.

Wallet participation followed the same upward direction during the reporting period, broadening the base of holders of tokenized assets. Wallets holding tokenized RWAs increased from 4,037 to 15,956, almost four times the previous year's figure.

The value of RWAs held by smart contracts likewise grew, reaching $17.38 million compared with $2.22 million previously — growth of more than sevenfold across twelve months.

Smart Contract Activity Adds Another Adoption Measure

Monthly smart contract calls on Stellar increased from 37 million to 51.8 million, representing growth of approximately 40% compared with the previous year. The figures provide another measure of activity beyond stablecoin transfers.

Adjusted stablecoin payment volume also recorded an annual increase, with monthly payment volume reaching $186 million compared with $154 million previously. However, this growth was smaller than the increase in headline transfer volume, underscoring the gap between raw and adjusted activity.

The distinction between adjusted and unadjusted figures remains important when assessing network activity. Headline transfer totals can include movements that do not represent separate end-user payments. Allium's adjusted measurements therefore offer additional context when examining the reported growth.

Context and Caveats

Taken together, the numbers span several dimensions of Stellar's financial operations, including payments, smart contracts, wallet participation, and stablecoin circulation. Because they track on-chain usage directly, these measures complement market-oriented data such as asset prices, which the research does not address.

The research also carries a caveat: XLM's network expansion does not guarantee matching demand for the token. Stablecoin transfer volume and RWA activity can increase without corresponding growth in purchases of the native asset. What the data does establish is that more money is moving through Stellar's infrastructure.

For the time being, research records show significant annual growth across a number of network measures. Subsequent updates to the research will indicate whether adjusted volumes narrow the gap with headline figures, and whether wallet participation keeps pace with the expansion in tokenized asset value. The main takeaway is that payments and tokenization form a key part of Stellar's growing footprint.