RWA.xyz Data shows that as of August 20, Stellar has maintained a leading position in the niche market of non-U.S. tokenized sovereign debt, with the scale of related assets on the chain being approximately $490 million. This position has remained unchanged since February of this year and has also driven XLM to rise by 4.4% in the past 24 hours, reaching $0.1922.
It should be noted that Ethereum still leads in the market for the tokenization of U.S. government bonds, as well as in the overall RWA total scale. The advantage of Stellar is mainly concentrated in sovereign debt products that are not denominated in dollars and not issued by the United States. This market is currently smaller in size, but it covers a wider range of governments and enterprises.
Significant expansion in the past year
According to the data in the text, the scale of RWA on the chain, after excluding stablecoins, was approximately 500 million US dollars at the beginning of 2025, increased to 854.6 million US dollars by the end of 2025, and then exceeded 1 billion US dollars in January 2026.
By the end of the first quarter of 2026, this figure rose to 1.52 billion US dollars, representing a quarter-on-quarter increase of 91%; in April it exceeded 2 billion US dollars, and in June it surpassed 3 billion US dollars. On an annual basis, the overall scale has approximately tripled compared to before.
Currently, Stellar accounts for approximately 9% of the total value of RWA distributed across various public chains. The text mentions that it has entered the top four networks in this sector, standing alongside Ethereum, BNB Chain, and Solana, and is also one of the few networks that do not belong to the EVM ecosystem.
On-chain products cover bonds from multiple countries.
The scale of Stellar's non-U.S. sovereign debt mainly comes from various products that have been launched. Etherfuse has introduced Mexican CETES and Brazilian Tesouro bonds into Stellar. The euro-denominated short-term debt funds of Spiko have increased from approximately $520 million to $970 million over the past year, with most of this growth occurring on the Stellar platform.
In addition, South Korean government bonds and the Marshall Islands' digital sovereign debt have also been deployed on this blockchain, covering issuers from five continents.
In addition to sovereign debt, the BENJI fund of Franklin Templeton also operates on Stellar. This fund is known as the first U.S.-registered mutual fund to use a public blockchain as its official ledger system. The USDY of Ondo and the WTGXX of WisdomTree have also been launched on this network.
Stablecoin payments rise to $5.5 billion
It is also mentioned in the text that the market value of USDC on Stellar increased by approximately 15% quarter-on-quarter in the first quarter of 2026, exceeding 256 million US dollars, and the scale of euro-stablecoins is also expanding.
Transaction activity also increased. In the first quarter of 2026, the payment volume of the Stellar stablecoin reached 5.5 billion US dollars, a year-on-year increase of 72%; during the same period, the transaction turnover rate grew by 75%.
The scope of institutional participation is also expanding. Reports mention that U.S, Bank, Amundi, Societe Generale of France, AllUnity, Malaysia's Kenanga, as well as Marketnode supported by the Singapore Exchange and Temasek, have all collaborated or connected with the Stellar network.
