Welcome to the Stellar Overview. In this edition, we take a look at what’s been driving the growth of Stellar’s $4 billion RWA market, and explore Private Payments and upcoming network upgrades.
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By the numbers
Total value locked: $234.5M (+4.9%)
Stablecoin market cap: $357.9M (-9.4%)
Stablecoin 30d transfer volume: $8.91B (+17.4%)
RWA distributed value: $3.25B (+0%)
RWA holders: 19,661 (+3.9%)
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: Stellar’s RWA market value reaches $4 billion
Stellar’s tokenized RWA market has increased 300% to $4 billion since the beginning of this year, when it was worth just $1 billion, thanks to strong growth in non-U.S. government tokenized debt products.
The network’s stablecoin market cap also hit $429.3 million, with monthly reserve-verified stablecoin payment volumes hitting a record high of $7.4 billion in August.
Here are the factors driving that growth:
Spiko is the largest issuer on Stellar, with tokenized assets worth $1.56 billion accounting for 39% of Stellar’s total tokenized value.
Its euro-denominated T-bill products, Spiko Amundi Overnight Swap Fund and Spiko EU T-Bills Money Market Fund, are two of the top five RWA products on Stellar.
Spiko’s Amundi Overnight Swap Fund is an active strategy that manages holdings instead of passively tracking a single asset.
Stellar has outpaced other networks as it relates to non-U.S. government debtsince the beginning of 2025.
Franklin Templeton ($546.5 million), Ondo ($535.1 million) and Wisdom Tree ($40.5 million) together account for $1.12 billion in assets, and make up nearly all of the network’s $1.16 billion in tokenized U.S. Treasuries.
Stellar is the fourth largest network for tokenized U.S. Treasuries, and is the only with more than $1 billion in the category.
Stablecoin payment volume has been rising steadily over the past few months: From $3 billion in May to $4.3 billion in June, then $5.5 billion in July, and now $7.4 billion through August.
This growth can be attributed to MoneyGram and Zebec’s efforts in the payroll and money transfer space.
Exploring Stellar’s institutional side
Denelle Dixon, CEO and executive director of the Stellar Development Foundation, spoke on CNBC about the Clarity Act, and why privacy is important for onboarding fintechs and banks.
Zebec launched an enterprise payroll platform on Stellar that lets companies and contractors send stablecoins directly to workers’ wallets.
The platform lets employees be paid immediately instead of on a scheduled pay cycle, and lets them spend their stablecoins using a Mastercard debit card.
The company also plans to build fiat on-ramps, off-ramp, and remittance integrations.
Tether integrated USDT0, the omnichain version of Tether’s USDT stablecoin. This allows users to transfer the asset between supported chains like Ethereum, Solana, and Tron, using a shared liquidity pool for DeFi needs such as collateral, lending, or yield.
Diving into Stellar’s ecosystem
Stellar released the Adapter upgrade on testnet that aims to reduce the amount of smart contract tasks to one line of code.
The upgrade rewrites how Stellar’s SDK handles the underlying data format the network uses, and also lets wallets show users a plain-language description of what they’re approving.
Peridot, a cross-chain lending and borrowing protocol on Stellar, added margin trading for Stellar’s token XLM.
Stellar revealed Stellar Private Payments, a privacy tool that hides the sending and receiving addresses for payment-specific transactions. Users deposit funds into a shared pool and pay each other inside it so the public ledger shows the money that was transferred into the pool and withdrawn without revealing who was involved.
Stellar hosted a livestream previewing the tool with Nethermind, a blockchain engineering company that co-built Private Payments.
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 is hosting an event in Providencia, Chile on September 4.
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.