Stellar and real-world assets: how XLM became a top RWA blockchain?

Stellar has spent more than a decade building payment and asset-issuance infrastructure. That focus now places it among the largest public networks for tokenized financial products, hosting a $3 billion range in real-world assets on-chain by mid-2026.

The title needs one distinction. Stellar is the blockchain. Lumens (XLM) are its native currency. Institutions issue fund shares, Treasury-linked products, stablecoins, and other real-world asset tokens on Stellar, while XLM pays network fees and supports account reserves. This article explains how those pieces fit together and where the limits remain.

Stellar in the RWA race: the numbers behind the $3 billion milestone

The Stellar RWA total rose sharply in 2026. The Stellar Development Foundation reported $785 million in onchain RWAs at the end of 2025. The total passed $2 billion shortly after the first quarter of 2026, then crossed $3 billion in late June, according to Stellar's public developer notes. That is close to fourfold growth from year-end, although the value changes as products issue and redeem shares.

The mix matters as much as the headline. A March 2026 report produced by Allium for Stellar counted 67 tokenized products from 10 regulated issuers, with $1.4 billion represented in the report's measurement window. Franklin Templeton, Spiko, and WisdomTree were among the issuers. Later growth pushed the network above the $3 billion threshold.

These figures do not mean that $3 billion is traded or transferred every day. They measure the value represented on-chain. Trading and transfer activity are separate metrics. For a broader introduction to how the Stellar blockchain works, see SwapSpace's guide to Stellar.

Why institutions choose Stellar for asset tokenization

Institutional adoption of tokenization depends on more than transaction speed. An issuer must control who can hold an asset, correct certain transfers, maintain ownership records, and connect blockchain balances to subscriptions or redemptions. Stellar provides these functions at the protocol and application layers.

That does not remove legal or operational work. The issuer still needs a valid product structure, transfer agent, custody arrangements, disclosures, and jurisdiction-specific controls. Stellar reduces the amount of custom blockchain logic required to represent and move the asset.

Built-in asset issuance without complex smart contracts

Stellar supports native issued assets. An organization creates an issuing account, defines the asset by its code and account address, and distributes units through a separate account. Holders establish trustlines to receive non-XLM assets. This model allows an organization to issue and manage a token without deploying a custom smart contract for the basic asset lifecycle.

For products that require custom logic, issuers can use Soroban, Stellar's smart contract platform. The Stellar Asset Contract (SAC) provides an interface between classic Stellar assets and Soroban smart contracts, allowing contract-based applications to work directly with assets such as XLM and USDC. Issuers can therefore start with native asset issuance and add programmable functionality when the use case requires it.

Compliance tools: freeze, clawback, and authorized trustlines

Stellar's asset flags address several requirements that regulated issuers face. 

An issuer can require approval before an account holds an asset. Revocable authorization can freeze a trustline and stop further transfers. Clawback-enabled assets allow the issuer to burn a specified balance after fraud, a mistaken transfer, or another defined regulatory action.

These controls are optional and asset-specific. An issuer chooses them when configuring the asset, and holders should check those settings before acquiring it. Their presence does not make a product compliant by itself. They give the issuer technical tools to enforce rules established outside the blockchain.

Speed and near-zero fees

Stellar closes ledgers within seconds and charges fees in XLM. The current minimum inclusion fee is 100 stroops, or 0.00001 XLM, per operation when the network is not in surge pricing. Smart contract transactions also pay resource fees based on computation and storage.

The practical benefit is predictable, low-cost settlement for products that may process frequent subscriptions, redemptions, transfers, or distributions. Sponsors can also cover reserves and fees for users. That design can keep an application from forcing every customer to acquire XLM before using a tokenized product.

The anchor network: on- and off-ramps to fiat

Stellar uses the term anchor for a financial institution or fintech that connects blockchain assets with traditional payment rails. 

Anchors can accept fiat through bank or cash networks, issue the corresponding onchain asset, and process redemption in the opposite direction.

Stellar Ecosystem Proposals standardize these flows. SEP-6 and SEP-24 cover deposits and withdrawals, while SEP-10 and SEP-12 support authentication and customer information. 

The anchor or provider may still require identity verification. Availability, limits, and supported currencies vary by service and jurisdiction.

Major RWA projects live on Stellar

Stellar tokenization now covers U.S. and European funds, Treasury-linked products, and fiat-backed stablecoins. The examples below show different legal structures and user groups rather than interchangeable assets.

Franklin Templeton's BENJI: the first U.S.-registered fund on a public blockchain

Franklin Templeton launched the Franklin OnChain U.S. Government Money Fund in 2021, with Stellar used as the initial public blockchain system of record. Each BENJI token represents one fund share. In April 2026, Stellar and Franklin Templeton reported more than $650 million of BENJI value on Stellar and $1.98 billion across the broader BENJI platform.

The fund supports peer-to-peer share transfers between eligible holders and daily on-chain dividend distributions. Franklin Templeton also reports yield accrual calculated to the second when shares move during the day. BENJI is a regulated fund share, not a stablecoin or a claim on XLM, and investor eligibility depends on the relevant offering channel.

Spiko and tokenized European treasuries

French fintech Spiko issues tokenized money market fund shares, including products connected to European and U.S. Treasury bills. Its EU and U.S. T-Bills funds were among the first European Union UCITS funds with fully tokenized shareholder registers. The products can use several public networks, including Stellar.

During Q1 2026, Stellar reported that Spiko's EU T-Bill product grew from roughly $520 million to $970 million, with most of that growth on Stellar. Spiko and Amundi also launched SAFO in March 2026. Its shareholder register is hosted on Stellar and Ethereum, while access remains limited to eligible investors.

Ondo Finance on Stellar

Ondo Finance launched United States Dollar Yield (USDY) on Stellar in September 2025. 

USDY is backed by short-term U.S. Treasuries and bank demand deposits. It is intended for eligible non-U.S. individual and institutional users, subject to Ondo's terms and jurisdictional restrictions.

The product adds a Treasury-linked asset to Stellar's payment and DeFi rails. 

Compare USDY exchange offers on SwapSpace.

Stablecoins: USDC and EURC on Stellar

Circle offers Stellar-native versions of USDC and EURC. These fiat-backed stablecoins support payments, treasury transfers, and settlement between wallets and service providers. 

Stellar reports more than $3 billion in cumulative USDC payment volume on the network.

USDC can also act as a settlement asset around tokenized funds. Users can move a dollar-denominated token between compatible services without waiting for a bank transfer at every onchain step. Redemption into fiat still depends on Circle, an exchange, or an anchor. 

The DTCC partnership: what it means for Stellar

DTCC is a major U.S. financial market infrastructure provider, while DTC, its subsidiary, provides central securities depository services for U.S. securities. The Stellar DTCC tokenization deal is a planned infrastructure connection, not a live securities service today. 

In May 2026, the Depository Trust & Clearing Corporation and the Stellar Development Foundation announced that DTC's tokenization service would connect with Stellar. They expect DTC-tokenized assets to become available on the network in the first half of 2027.

The plan covers the conversion of eligible DTC-custodied assets into tokenized form and lifecycle functions such as corporate actions and reporting. DTCC named U.S. Treasury securities, selected Russell 1000 constituents, and exchange-traded funds tracking major indices as possible use cases under evaluation.

The announcement matters because DTC sits inside the existing U.S. securities settlement system. It also places Stellar within a multi-chain strategy rather than granting it an exclusive role. Delivery, eligible assets, participant access, and regulatory conditions still need to be confirmed before launch.

What role does XLM play in the RWA ecosystem?

XLM supports the infrastructure that RWA products use on Stellar rather than serving as their underlying asset.

• Pays network fees. XLM is used to pay transaction fees for operations on Stellar.
• Covers account reserves. Stellar accounts require a minimum XLM balance, while trustlines and other ledger entries can increase the required reserve.
• Pays for smart contract resources. Soroban smart contracts use XLM to cover resource fees for computation and storage.
• Supports RWA transactions. Transfers, subscriptions, redemptions, and other operations involving tokenized assets generate network activity that requires Stellar resources and fees.
• Can be covered by a sponsor. Another account can cover certain fees and reserve requirements, so users do not necessarily need to hold XLM themselves.

XLM is not the reserve or backing asset behind BENJI, USDY, USDC, EURC, or Spiko fund shares. These products have their own underlying assets and legal structures. More RWA activity can increase the use of Stellar infrastructure, but it does not automatically translate into higher demand or a higher market value for XLM.

Stellar vs Ethereum for RWA: different tools for different jobs

Stellar starts with native asset issuance, authorization flags, trustlines, low transaction fees, and standardized anchor interfaces. That setup suits issuers that want defined transfer controls and direct links to payment rails without writing the full asset model as a smart contract.

Ethereum offers a much larger smart contract and DeFi environment. Issuers can use established token standards, custody services, and protocols, but contract design and transaction costs can be more complex. Many asset managers use both networks because distribution needs differ across products and investors.

There is no universal winner. Stellar favors payment-oriented issuance and controlled asset movement. Ethereum offers broader composability and deeper onchain capital markets. 

Check current Ethereum exchange offers or compare XLM to ETH and ETH to XLM routes on SwapSpace.

Challenges: why asset growth hasn't meant volume growth yet

Onchain asset value and market activity measure different things. A tokenized fund can add hundreds of millions of dollars to Stellar's RWA total even if most investors hold the shares or transact through subscriptions and redemptions. Regulated transfer restrictions can also limit secondary trading.

Liquidity remains fragmented across products, wallets, jurisdictions, and eligible investor groups. Some assets can be used in onchain lending or payments, while others mainly provide a blockchain-based ownership record. Data providers may also classify stablecoins, fund shares, private credit, and tokenized securities differently.

The $3 billion milestone therefore shows issuance and asset retention. Sustainable market use requires reliable redemption, active distribution, transparent pricing, and enough liquidity for transfers without excessive slippage. Those conditions should be evaluated product by product.

How to exchange XLM on SwapSpace

SwapSpace is a non-custodial crypto exchange aggregator that displays offers from third-party providers. To exchange XLM:

1. 1. Open the XLM exchange page and select the asset you want to send.
2. 2. Enter the amount and choose a fixed or floating rate.
3. 3. Review the rates, estimated arrival, provider terms, and network details.
4. 4. Enter a compatible Stellar address and include a memo if the receiving service requires one.
5. 5. Send the stated amount and track the exchange until completion.

Ready to exchange XLM? Start comparing available offers on SwapSpace and choose the one that works for you.

FAQ

Is Stellar an RWA blockchain?

Stellar is a general-purpose public blockchain built around payments, asset issuance, and smart contracts. Its native issuance controls and fiat on- and off-ramp standards have made it a major network for tokenized real-world assets.

Is XLM itself a real-world asset token?

No. XLM is Stellar's native currency. It pays fees and supports reserve requirements. Tokens such as fund shares or Treasury-linked products are issued separately by their respective organizations.

Did Stellar already launch tokenized securities with DTCC?

No. DTCC and SDF announced the planned connection in May 2026. The currently announced launch window is 1H27, subject to implementation and regulatory requirements.

Can anyone buy every RWA issued on Stellar?

No. Access depends on the product, issuer, investor eligibility, and jurisdiction. Some assets require an authorized trustline or identity verification. Others may be unavailable in specific countries.

________

This material is provided for informational purposes only and does not constitute a financial promotion, securities offering, or financial product advice. Cryptocurrency trading involves significant risk and can result in the loss of your capital. Real-World Assets (RWA) tokens can be highly volatile. Not for distribution to residents of the United States, United Kingdom, Canada, or Australia. SwapSpace acts solely as a non-custodial exchange aggregator and does not provide investment, financial, or legal advice. Always conduct your own research before making any financial decisions.

SwapSpace does not issue, sponsor, underwrite, distribute, or endorse any tokenized real-world assets. Tokenized real-world assets displayed or accessible through this platform are offered exclusively by independent third-party partners. SwapSpace is not a party to any transaction involving tokenized real-world assets and does not act as a broker, dealer, investment adviser, or financial intermediary in connection with such products.