Welcome to the Stellar Overview. In this edition, we dive into Marketnode’s tokenization of BNY Investments funds on Stellar; the network’s growth in RWA value both as a whole and in DeFi; and its upcoming network upgrade.
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By the numbers
Total value locked: $223.6M (+6%)
Stablecoin market cap: $394.9M (-0.2%)
Stablecoin 30d transfer volume: $7.59B (+44.8%)
RWA distributed value: $3.25B (+5.9%)
RWA holders: 18,917 (-1.4%)
Lifetime network uptime: 99.99%
The percentages and metrics are calculated from its change over a 14-day time frame, unless noted otherwise.
A Big Move We’re Watching:
Marketnode to bring BNY Investments Funds to Stellar
Marketnode, a Singapore-based digital market infrastructure operator, said it is working with BNY to tokenize some BNY Investments funds on Stellar.
The deal is meant to give institutional and accredited investors across the Asia Pacific (APAC) region a way to buy BNY’s asset management products through Marketnode’s platforms.
Marketnode operates two platforms: Gateway, which is used for tokenization workflows, and Fundnode, which handles transaction management, funds processing and recordkeeping.
Fund distribution across APAC is typically done via several intermediary channels which handle subscriptions, redemptions and recordkeeping separately. Marketnode aims to use Stellar to consolidate these processes into a single step.
At the time of publication, the funds have not been publicly named and there is no set timeline on when they will be available on Marketnode’s platforms.
Exploring Stellar’s institutional side
Stellar hosted its Stellar House event in São Paulo on August 6, which aimed to encourage institutional adoption across Brazil.
Sessions during the event covered virtual asset regulation on public networks, RWA and fund tokenization in Brazil, and the account design and UX institutions may expect from onchain infrastructure.
Stellar’s active RWA market cap hit an all-time high of $2.57 billion on August 17. RWA active market cap is different from total market cap, as it tracks the portion of onchain value taking real market or protocol risk in DeFi protocols, rather than sitting passively in custody. Tokenized bonds make up 99% of this value, at $2.56 billion.
Spiko Amundi Overnight Swap Fund (eurSAFO) saw its market value reach $858.5 million on August 17, up 8.1% from $794 million two weeks ago. The fund surpassed $1.1 billion in total value across all its networks, making it the second-largest tokenized active strategy.
Stellar holds 78% of eurSAO market share.
Diving into Stellar’s ecosystem
Stellar detailed Adapter (Protocol 28), a network upgrade centered around Soroban smart contracts that aims to alleviate partial upgrade and schema migration constraints for teams.
The upgrade is broken down in three parts: CAP-85 lets contracts share an updatable code reference; CAP-86 enables contract data structures to make changes with less breakage; and CAP-83 allows validators to vote on changes before a full transaction arrives in order to keep consensus active under traffic.
Redstone launched a USDY/USD price feed and SEP-40 contract support in order to enable USDY to be used as collateral on lending protocols.
SEP-40 is a network upgrade that gives assets the needed compliance to be listed as collateral.
USDY is Ondo’s U.S. Dollar Yield asset, with a market cap of $534.4 million on Stellar.
Aurora Intents, a cross-chain execution layer, integrated with COCA, a self-custodial banking app, to accept deposits for multiple blockchains, including USDC and USDT on Stellar.
This partnership lets users enter the Stellar ecosystem via card-linked accounts, with the option to move funds across supported chains like Tron, Ethereum, and Base, without having to manually bridge funds.
Lock in to the ecosystem
Check out the latest job postings on the Stellar Development Foundation.
Attend Meridian 2026, the Stellar Development Foundation’s annual conference, in Lisbon, Portugal, on October 28 and 29.
The Stellar Community Growth QF Round allows community members to host Stellar-focused educational events in their regions. This round runs from September 21 to October 4, and applications close on August 28. The round offers up to $50,000 in funding.
Until next time!
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This information is for entertainment purposes only. It should not be considered financial advice, nor should it be used to make investment decisions. Cryptocurrencies are high risk and you should consult a financial professional before making any financial decisions. Make sure you do your own research.