RWA.xyz data shows that, as of August 20, Stellar remains the leader in the细分 market of tokenized sovereign bonds outside the U.S., with on-chain assets totaling approximately $490 million. This position has remained unchanged since February, contributing to a 4.4% increase in XLM over the past 24 hours, trading at $0.1922.
It should be noted that Ethereum still leads in the U.S. Treasury tokenization market and overall RWA volume. Stellar’s strength primarily lies in non-U.S. dollar and non-U.S.-issued sovereign debt products—a market that is currently smaller but encompasses a broader range of governments and enterprises.
Significant expansion over the past year
According to the data provided, the RWA volume on the Stellar chain, excluding stablecoins, was approximately $500 million at the beginning of 2025, increased to $854.6 million by the end of 2025, and surpassed $1 billion in January 2026.
By the end of the first quarter of 2026, this figure rose to $1.52 billion, a 91% quarterly increase; it surpassed $2 billion in April and exceeded $3 billion in June. Year-over-year, the overall size grew to approximately three times its previous level.
Currently, Stellar accounts for approximately 9% of the total value of RWA tokens distributed across public blockchains. The article states that it has entered the top four networks in this space, alongside Ethereum, BNB Chain, and Solana, and is one of the few networks not part of the EVM ecosystem.
On-chain products cover bonds from multiple countries.
The non-U.S. sovereign bond volume on Stellar primarily comes from multiple launched products. Etherfuse has introduced Mexican CETES and Brazilian Tesouro bonds to Stellar. Spiko’s euro-denominated short-duration bond fund grew from approximately $520 million to $970 million over the past year, with most of this growth occurring on the Stellar network.
In addition, South Korean government bonds and Marshall Islands digital sovereign bonds have also been deployed on this chain, extending its issuers to five continents.
In addition to sovereign bonds, Franklin Templeton’s BENJI fund also operates on Stellar. This fund is recognized as the first U.S.-registered mutual fund to use a public blockchain as its official ledger system. Ondo’s USDY and WisdomTree’s WTGXX have also been launched on this network.
Stablecoin payment volume rises to $5.5 billion
The article also notes that the market capitalization of USDC on Stellar increased by approximately 15% quarter-over-quarter in the first quarter of 2026, surpassing $256 million, while the size of euro-denominated stablecoins is also growing.
Trading activity has also increased. In the first quarter of 2026, Stellar stablecoin payment volume reached $5.5 billion, a 72% year-over-year increase; during the same period, transaction velocity rose by 75%.
The range of institutional participation is also expanding. Reports mention that U.S. Bank, Amundi, Société Générale, AllUnity, Kenanga of Malaysia, and Marketnode, supported by SGX and Temasek, have all partnered with or integrated into the Stellar network.