Stellar Reaches $4 Billion in RWA Value as XLM Lags Behind
Key Takeaways
- •Stellar’s RWA market cap has climbed to about $4 billion from roughly $0.4 billion in late 2024.
- •Most of the network’s RWA growth happened in 2026.
- •Spiko became the largest contributor, growing to about $1.5 billion in tokenized assets.
- •Franklin Templeton’s BENJI fund remains one of Stellar’s major RWA issuers at about $550 million.
- •XLM has underperformed despite the network’s RWA expansion, falling 50% over the past year and 12% year to date.
Stellar Lumens (XLM) has become a familiar name in the real-world asset (RWA) sector.
Many issuers view Stellar Lumens (XLM) as a leading platform for the growing tokenization market because of the Layer-1 network’s stability and cost-effectiveness. Franklin Templeton was among the first to test that thesis at scale through its long-running BENJI fund.
From One Pilot on Stellar to an All-Star Lineup
Other well-known bond issuers have since joined the network. WisdomTree was the next major crypto-related issuer to deploy tokenized treasury products. The 2025 Meridian wave followed with projects including Ondo (USDY), Mercado Bitcoin, Centrifuge, RedSwan, and PayPal’s PYUSD, which is a stablecoin and not part of the same RWA category.
All the money on Stellar? We're starting from a strong place: $4 billion in RWAs. When competition heats up, so do we 🏎️ pic.twitter.com/KUrdwJmxK7 — Stellar (@StellarOrg) August 31, 2026
All the money on Stellar? We're starting from a strong place: $4 billion in RWAs. When competition heats up, so do we 🏎️ pic.twitter.com/KUrdwJmxK7
The vertical spike seen in 2026 comes from a different group of issuers: Spiko, Tradable, and Realiz. These did not arrive immediately after the original BENJI or WisdomTree products. They entered years later and reshaped the chart. That broader issuer mix helps explain why Stellar’s RWA footprint has drawn attention even as XLM itself has not tracked the same momentum, with the large-cap altcoin falling 50% over the past year.
Stellar Moves Past $4 Billion in RWA Market Cap
XLM has posted another 12% decline year to date, while whale sentiment remained shaky throughout the year. Even so, the longer-term picture is becoming more constructive as the RWA market on Stellar’s native network has nearly quadrupled since last year. That growth has come alongside clearer regulatory headwinds and a broader rise in tokenization activity, two factors that continue to shape how issuers evaluate public blockchains for asset issuance.
The RWA chart comes from Stellar’s own Dune dashboard: RWA market cap by issuer at month-end over the past two years. Total RWA value rose from about $0.4 billion in late 2024 to about $4 billion now. Nearly all of that increase occurred in 2026. The largest contributors are:
Spiko, which went from essentially nothing to $1.5 billion.
Realiz, now worth about $500 million to $560 million.
Tradable, with roughly $550 million in tokenized assets.
Ondo, with about $535 million on Stellar, mostly through the USDY stablecoin.
Franklin Templeton (BENJI), the original RWA issuer on Stellar, with a market cap of about $550 million.
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