Stellar has emerged as the leading public blockchain for live institutional tokenization, with $4.12 billion in tokenized real-world asset market capitalization and a 12.7% share as of Sept. 30, according to Allium's Q3 report. That represents 6.1x growth over the previous year, compared with 2.3x across 150 chains, and is up from a 4.9% share a year earlier.
Live issuers on Stellar include Franklin Templeton's BENJI money market fund, WisdomTree's digital funds, Spiko's Amundi-managed euro overnight fund, Société Générale-FORGE's EURCV, State Street Investment Management's SWEEP fund, BNY Investments' USD money market fund via Marketnode, Janus Henderson and Centrifuge's JQQQ Nasdaq-100 tracking fund, Archax government-bill products, Kenanga money market funds, Realiz's VuMe Bond 2030, Tradable private credit deals, and Ondo Finance's USDY.
Allium's data shows five issuers exceed $500 million each on Stellar, accounting for 93% of its RWA market capitalization. Spiko was the largest individual issuer at $1.69 billion in its euro overnight fund. Stellar's protocol-level asset controls—holder authorization, freezing and clawback—were cited by Franklin Templeton as satisfying SEC requirements and by Société Générale-FORGE as providing scalability and efficiency.
Several high-profile initiatives remain separate from live issuance. U.S. Bank's USBDC stablecoin is in a completed pilot with PwC, a Swiss banking consortium including UBS, PostFinance, Sygnum, Raiffeisen and Zürcher Kantonalbank is testing CHFD, and DTCC's planned integration is scheduled for the first half of 2027. Custody support from Taurus launched Oct. 29.
