Stellar’s tokenized asset market reaches $4.1 billion, market share triples

Stellar, a leading open-source blockchain network focused on facilitating global payments, has published a new report prepared by Allium Labs highlighting significant growth in institutional activity on its platform. The analysis reveals a sharp increase in tokenized real-world assets and expanded stablecoin adoption on Stellar over the past twelve months, underscoring the network’s maturing infrastructure for organizations and financial entities.

Tokenized assets see rapid expansion

Allium Labs reported that Stellar’s total market for tokenized assets grew sixfold to $4.12 billion in the 12 months through September 2026. In contrast, the broader market tracked by Allium expanded only 2.3 times in the same period. Stellar’s share of all tokenized real-world assets (RWAs) rose from 4.9% to 12.7% during this timeframe.

Four new issuers – Spiko, Realiz, Tradable, and Ondo Finance – each surpassed $500 million in assets issued on Stellar, joining asset management company Franklin Templeton as the platform’s biggest institutional participants. Spiko alone increased its Stellar-based holdings to $1.69 billion within just one year.

The network has also become especially influential in the tokenization of non-U.S. government debt. Stellar now accounts for 42% of the global tokenized non-U.S. sovereign debt market, holding $319 million of an estimated $766 million outstanding across public blockchains as of September 2026. This marks a substantial jump from its 0.7% market share one year prior.

Mini dictionary: Franklin Templeton is a global asset management firm that offers investment solutions including mutual funds and tokenized assets, and has been active in blockchain-based product innovation.

A major portion of this expansion comes from Spiko’s Euro Treasury-bill fund, which represents the largest share of tokenized non-U.S. government debt on Stellar. The rapid onboarding of these large-scale institutional issuers highlights growing confidence in the network’s capabilities.

Stablecoin activity and institutional payments increase

Stellar’s stablecoin supply rose 91% over the same 12-month period, reaching $546 million. Adjusted stablecoin transfer volume through the network increased 22% to $1.95 billion.

Business-to-business (B2B) transactions played a central role, accounting for $1.34 billion of the total stablecoin transfer volume. The average size of an institutional payment stood at $383, significantly surpassing the $15 average for consumer transactions. This shift suggests that Stellar is being used as a settlement layer for larger-value, enterprise-oriented payments.

The report also highlights examples of established companies utilizing the network’s native features. Franklin Templeton leverages Stellar’s built-in controls for managing holders of its BENJI fund, while global payment provider MoneyGram enables users to store digital dollars and withdraw cash locally via Stellar integrations.

Thousands of permission and approval actions have been executed by issuers using protocol-native tools, demonstrating real-world uptake of Stellar’s compliance and asset-holder management functionalities.

Market sentiment and valuation debate

While institutional activity and on-chain metrics have surged, technical analyst ChartNerd noted that XLM, Stellar’s native token, “is not priced in,” referring to a possible mismatch between growing network use and the token’s current market valuation. Allium Labs’ data shows significant expansion in tokenized assets, non-U.S. government bond market share, and payments volume focused on businesses rather than individual users.

ChartNerd draws attention to the gap between the expanding institutional use of the Stellar network and XLM’s price performance, suggesting market participants have yet to fully recognize the on-chain growth.

The extent to which these institutional developments will influence XLM’s valuation depends on the trajectory of issuer engagement, the durability of payment flows, and broader trends across the digital asset market.