State of Stellar: Real-world Assets

Key Insights

• Stellar has been a leading network for real-world asset (RWA) issuance from the start. In April 2021, the first regulated money market fund on a blockchain (Franklin Templeton’s FOBXX via the BENJI token) was issued on Stellar.
• In September at its Meridian conference hosted in Rio De Janeiro, the Stellar Development Foundation (SDF) announced access to more than $3 billion in RWAs (including stablecoins) now available on Stellar.
• RWAs announced in September include Ondo’s U.S. Dollar Yield Token (USDY), equities and bonds tokenized by Mercado Bitcoin, and multifamily and hospitality real estate properties tokenized by RedSwan.
• RWAs (excluding stablecoins) on Stellar are valued at over $533.3 million, up 25% year over year. Franklin Templeton’s BENJI leads the category with $496.3 million, a 93.1% market share, followed by other assets like equity funds SPXUX and TECHX.
• RWA composability in DeFi for purposes like lending and borrowing is being realized on Stellar by platforms like Centrifuge, which is bringing freely transferable wrapped U.S. Treasuries and collateralized loan obligations by Janus Henderson Funds to Stellar.

Introduction

Real-world assets (RWAs) represent a paradigm shift in decentralized finance, bridging traditional finance (TradFi) with blockchain infrastructure by tokenizing offchain assets such as government bonds, private credit, public equities, real estate, and even commodities like gold. This transformation offers new levels of liquidity, programmability, and global accessibility, particularly for financial instruments that have historically been illiquid, restricted, or inefficiently distributed.

Stellar has been a leading network for RWA issuance from the start. In April 2021, the first regulated money market fund on a blockchain (Franklin Templeton’s FOBXX via the BENJI token) was issued on Stellar. Now, the network is home to more than $500 million in RWAs (excluding stablecoins), making it the sixth-largest chain by RWA issuance. Moreover, in September at its Meridian conference hosted in Rio De Janeiro, the Stellar Development Foundation (SDF) announced access to more than $3 billion in RWAs (including stablecoins) are available on Stellar thanks to a number of new issuers, including PayPal (PYUSD stablecoin), Ondo Finance (U.S. Treasuries), Mercado Bitcoin (tokenized equities and bonds), Centrifuge (U.S. Treasuries and collateralized loan obligations), and RedSwan Digital (tokenized real estate).

As a result, Stellar remains a serious contender among networks vying to lead RWA issuance and is an efficient platform for institutions and retail users alike to access and interact with RWAs onchain. Stellar’s appeal comes from its near-zero transaction costs and purpose-built ecosystem of products, tools, and applications that people can use for everyday financial services. A global network of Anchors, such as MoneyGram International, provides the on and off-ramps that connect Stellar to traditional financial rails, while the Stellar Disbursements Platform (SDP) is a turnkey solution for sending digital payments.

Network-level features for assets include multi-signature accounts and authorization flags to control access, while Stellar’s Asset Sandbox includes no-code tools for asset issuance and management. Moreover, technical innovations like the Stellar Asset Contract standard, Soroban smart contract platform, and fast block finality enable seamless compliance tooling, yield distribution, and composable DeFi integrations. This backdrop makes Stellar uniquely suited for hosting a broad spectrum of RWAs, from tokenized treasuries to institutional funds of equities or bonds, and tokenized real estate. Its infrastructure is increasingly tailored to the needs of asset issuers, regulators, and users, paving the way for RWA adoption at both institutional scale and retail levels.

RWAs on Stellar can be divided into six main categories: tokenized U.S. Treasuries, non-U.S. debt, equity funds, real estate, corporate bonds, alternative institutional funds, and commodities. Infrastructure providers like Archax, 21X, Bitbond, Cashlink, and Centrifuge also play a key role in providing compliance and interoperability. Through this lens, this report overviews Stellar’s trajectory as a growing hub for onchain RWAs amidst the rising tide of global capital markets.

Disclaimer: All data in this report is as of Sept. 15, 2025.

RWA Overview

As of Sept. 15, 2025, $533.3 million in real-world assets (RWAs) (excluding stablecoins) were issued on Stellar, up 25% year-over-year. Outside of commodities like WTGOLD, all of these RWAs are yield-bearing, ranging from tokenized sovereign debt to institutional funds, including equities, bonds, real estate, and other financial instruments. These yield-bearing RWAs provide onchain investors with direct exposure to offchain yield streams, often with enhanced composability and 24/7 accessibility compared to their TradFi counterparts.

Tokenized U.S. Treasuries represent 94.8% ($505.8 million) of Stellar’s RWA market share across ten offerings, followed by public equities with 4.1% ($21.8 million) across ten offerings, and non-U.S. government debt with 0.5% ($2.9 million) across two offerings.

Tokenized U.S. Treasuries

Tokenized Treasuries offer a digital wrapper for the world’s most liquid and trusted yield instruments and have become a foundational pillar for onchain asset management, stablecoin collateralization, and DAO treasury operations. Stellar’s tokenized treasury market encompasses a range of products from both native and cross-chain asset issuers.

Franklin Templeton – BENJI, gBENJI, and sgBENJI (OnChain U.S. Government Money Fund, FOBXX)

Each BENJI token represents one share of Franklin Templeton’s onchain U.S. Government Money Fund (FOBXX). FOBXX invests at least 99.5% of its total assets in U.S. government securities, cash, and repurchase agreements fully collateralized by U.S. government securities or cash. Each FOBXX share is pegged to the U.S. Dollar and earns a yield automatically reinvested for additional shares. Investors can gain exposure to FOBXX using Franklin Templeton’s Benji investments platform, which allows users to hold the BENJI token on Stellar or other supported chains via a built-in wallet.

FOBXX was first issued on Stellar in April 2021, making it the first regulated money market fund on a blockchain. In February 2025, Franklin Templeton expanded the availability of BENJI on Stellar beyond the U.S. via gBENJI (global Benji) to investors in Austria, France, Germany, Italy, Liechtenstein, the Netherlands, Spain, and Switzerland, following regulatory approval in October 2024 by Luxembourg regulators. As of Sept. 15, 2025, BENJI is the largest RWA by market cap on Stellar at $496.3 million, with 906 holders, while gBENJI had a market cap of $59.0 million and 4 holders. As of the same date, the 7-day current yield for holding BENJI, gBENJI, and sgBENJI (for Singapore investors) is 4.10%. To date, BENJI, gBENJI, and sgBENJI are the only RWAs offered by Franklin Templeton. More than two-thirds is issued on Stellar, with the remainder spread across seven other networks.

WisdomTree – Various Tokenized U.S. Treasury Funds

As of Sept. 15, 2025, WisdomTree offers seven tokenized U.S. Treasury funds on Stellar. Retail investors can access each fund via the WisdomTree Prime application with a minimum investment of $1-$25, while institutional access is available via the WisdomTree Connect Platform.

• WisdomTree Floating Rate Treasury Fund (FLTTX): Tracks the performance of an index designed to measure the performance of U.S. Treasury floating-rate bonds. As of Sept. 15, 2025, FLTTX has a market cap of $1.8 million on Stellar and 139 holders.
• WisdomTree Government Money Market Digital Fund (WTGXX): A U.S. government securities money market fund that maintains a stable $1.00 net asset value (NAV) per share. As of Sept. 15, 2025, WTGXX has a market cap of $1.2 million on Stellar and 582 holders.
• WisdomTree Short-Term Treasury Digital Fund (WTSYX): Tracks the performance of an index designed to measure the performance of obligations to the U.S. Treasury, including notes and bonds issued by the U.S. Treasury, with maturities between one and three years. As of Sept. 15, 2025, WTSYX has a market cap of $1.0 million on Stellar and 62holders.
• WisdomTree 3-7 Year Treasury Digital Fund (WTTSX): Tracks the performance of an index designed to measure the performance of obligations of the U.S. Treasury, with maturities between three and seven years. As of Sept. 15, 2025, WTTSX has a market cap of $1.0 million on Stellar and 25 holders.
• WisdomTree TIPS Digital Fund (TIPSX): Tracks the performance of an index designed to measure the performance of inflation-protected obligations of the U.S. Treasury. As of Sept. 15, 2025, TIPSX has a market cap of $984,900 on Stellar and 31 holders.
• WisdomTree 7-10 Year Digital Treasury Digital Fund (WTSTX): Tracks the performance of an index designed to measure the performance of obligations to the U.S> Treasury with maturities between 7 and 10 years. As of Sept. 15, 2025, WTSTX has a market cap of $975,600 on Stellar and 16 holders.
• WisdomTree Long Term Treasury Digital Fund (WTLGX): Tracks the performance of an index designed to measure the performance of obligations to the U.S. Treasury with maturities greater than 20 years. As of Sept. 15, 2025, WTLGX has a market cap of $840,000 on Stellar and 20 holders.

Etherfuse – USTRY (U.S. Treasury Yield Token)

USTRY is one of five “stablebonds” currently issued by Etherefuse. Each Stablebond is a tokenized fund of a government-issued treasury bond from countries, with non-U.S. government debt tokens offered by Etherfuse discussed in its respective section below. USTRY is backed by a tokenized fund of U.S. government treasury bonds and is non-rebasing, meaning the price increases as yield accrues. As of the date of publication of this report, the APY is 3.87%.

Notably, all Stablebonds issued by Etherfuse are only available for certain non-U.S. persons in select jurisdictions. They are not for sale in the United States or to U.S. persons. As of Sept. 15, 2025, USTRY has a market cap of $1.0 million on Stellar and 181 holders.

Ondo Finance – USDY (U.S. Treasury Yield Token)

Issued by Ondo Finance, U.S. Dollar Yield Token (USDY) is a tokenized note secured by short-term U.S. Treasuries (~99%) and bank demand deposits (~1%). The token is non-rebasing, as the per-token price increases as yield accrues each day. As of the date of publication of this report, the APY is 4.20%.

Any individual or institution can complete Ondo’s onboarding and KYC requirements to become eligible to create new USDY from either U.S. Dollar wire transfers or USDC transfers. Notably, USDY is not offered or sold in the U.S., to U.S. persons, or other restricted jurisdictions. USDY tokens become available for transfer after a 40-50 day “Restricted Period” and can also be redeemed for U.S. Dollars by KYC’d individuals and institutions, less a 20 bps redemption fee. The token is transferable across chains using LayerZero, making it highly composable in DeFi applications. After being first issued on Sept. 11, USDY has a market cap of $619,000 on Stellar and 182 holders as of Sept. 15, 2025.

Wrapped U.S. Treasury RWAs on Stellar

Centrifuge – deJTRSY & deJAAA (Onchain U.S. Treasury and CLO exposure)

Centrifuge, known for its early work tokenizing real-world loans on Ethereum and Polkadot, announced its expansion to Stellar in September 2025 via the introduction of its deRWA token standard, which wraps existing tokenized securities into freely transferable tokens fully composable with DeFi protocols. This is a crucial development as it marks the second RWA offering on Stellar fully composable with DeFi, following Etherfuse’s Stablebonds. Other regulatorily compliant RWAs from major issuers on Stellar, like Franklin Templeton and WisdomTree, are not freely transferable, and therefore not composable within DeFi. As such, and given that many networks currently offer no freely transferable RWAs composable with DeFi, this reinforces Stellar’s position as one of the leading networks in offering RWAs fully composable with DeFi.

The first deRWA tokens that will be deployed on Stellar are deJTRSY, which represents shares in Janus Henderson’s short-term U.S. Treasury fund managed by Anemoy, and deJAAA, which represents shares in Janus Henderson’s AAA Collateralized Loan Obligation (CLO) ETF. The two funds will debut with a $20 million investment. Notable DeFi protocols that will support these assets include DEXs Aquarius and Soroswap, overcollateralized lending and borrowing protocol Blend, and DeFi yield aggregator DeFindex. The assets will be issued using LayerZero’s OFT Standard, making them easily transferable across chains without asset wrapping, middlechains, or liquidity pools.

Upcoming U.S. Treasury RWAs on Stellar

Archax – Aberdeen Money Market Fund (U.S. Treasury Fund)

In August, UK-regulated digital asset exchange Archax announced a strategic partnership with the Stellar Development Foundation (SDF) that included tokenizing the Aberdeen Money Market Fund (Lux) on Stellar, which is available to professional investors. Additionally, Archax announced that its tokenization engine and platform are now available on Stellar, and SDF invested in Archax, though the size of the investment was not disclosed. Archax is working with Lloyds Bank and Aberdeen Asset Management to use tokenized money-market funds like Lux as acceptable collateral to post as margin across the Archax Nest collateral transfer network for FX trades.

Non-U.S. Government Debt

Etherfuse – CETES and TESOURO

In addition to its USTRY offering, Etherfuse is focused on bringing sovereign debt from major economies onchain. The protocol first launched on Stellar in February 2025 with the introduction of USTRY and CETES, its tokenized fund of Mexico’s oldest short-term debt securities issued by the Ministry of Finance. TESOURO, backed by short-term government bonds issued by the Brazilian Treasury, followed. As of Sept. 15, CETES has a market cap on Stellar of $2.6 million and 254 holders, while TESOURO has a market cap of $280,730 and 45 holders. Etherfuse calls these tokenized RWAs backed by government-issued bonds “Stablebonds.” Importantly, these Stablebonds are transferable and therefore composable in Stellar DeFi, such as on lending and borrowing protocol Blend.

These three stablebonds are offered on Stellar alongside MXNe, a Mexican Peso-backed stablecoin issued by Brale, and backed by Etherfuse’s CETES Stablebond. Users can onboard directly with Brale to acquire MXNe. Etherfuse also offers two other Stablebonds, which are not yet available on Stellar: GILTS, backed by UK short-term debt instruments issued by the HM Treasury, and EUROB, a collection of European fixed-income securities issued by different governments within the European Union. By combining bond-backed stability with DeFi liquidity, Etherfuse introduces a new category of low-volatility, yield-bearing assets that expand RWA access beyond USD-centric instruments.

Equity Funds

WisdomTree

As of Sept. 15, 2025, WisdomTree offers ten tokenized public equity funds on Stellar, five of which have investment (an AUM greater than zero). Like with WisdomTree’s other offerings, retail investors can access each fund via the WisdomTree Prime application with a minimum investment of $1-$25, while institutional access is available via the WisdomTree Connect Platform.

• WisdomTree 500 Digital Fund (SPXUX): Tracks the price and yield performance of the WisdomTree 500 Index, before fees and expenses, which captures the price appreciation and total return for the 500 companies with the largest market capitalization on the U.S stock market that meet the index’s eligibility requirements.
• WisdomTree Technology & Innovation 100 Digital Fund (TECHX): Tracks the price and yield performance of the WisdomTree Technology & Innovation 100 Index, which consists of the top 100 companies by market cap that are primarily involved in technology advances and innovation.
• WisdomTree Siegel Global Equity Digital Fund (EQTYX): Invests in ETFs with at least 80% invested in equity investments, including U.S., international, and emerging markets.
• WisdomTree Siegel Moderate Digital Fund (MODRX): Predominantly invests in ETFs following a 60/40 allocation (60% equities/40%fixed income).
• WisdomTree Siegel Longevity Digital Fund (LNGVX): Predominantly invests in ETFs and invests more heavily in equities compared to the traditional 60/40 allocation (60% equities/40%fixed income) to address increased longevity as people are generally living longer.

Upcoming Equity Funds on Stellar

In September at Stellar’s Meridian conference in Rio de Janeiro, Mercado Bitcoin announced it will issue $200 million of tokenized fixed income and equity financial instruments on Stellar. According to SDF, these RWAs are expected to go live in November and December 2025.

Real Estate

RedSwan

Also at Stellar’s Meridian conference in September, RedSwan Digital Real Estate announced it had tokenized $100 million in commercial real estate on Stellar, consisting of multifamily and hospitality properties. Anyone outside the U.S. can invest, while those based in the U.S. must be accredited to participate. Additionally, all prospective investors must complete KYC/AML to participate. Token sales for new properties/funds are completed during a “Digital Token Sale” period, where the offering is marketed to prospective investors. Tokens must be held for at least one year, after which they may be posted for sale in RedSwan’s quotation bureau. Cash flow after expenses is distributed to tokenholders on a quarterly or annual basis.

RedSwan also offers two managed funds for investors who do not want to select specific properties. The RedSwan CRE Core Fund invests in established high-quality properties in well-known mature markets, while the RedSwan CRE Value-Add Fund invests in buildings where the sponsor has an opportunity to increase asset value through property renovations, increased operating efficiency, and improved marketing.

Other RWAs

Other RWA categories on Stellar are corporate bonds, alternative institutional funds, and commodities, each of which has one current offering from WisdomTree with active investment.

• WisdomTree Short-Duration Income Digital Fund (WTSIX): A corporate bond fund that is actively managed and provides exposure to short-duration fixed income securities. As of Sept. 15, WTSIX had a market cap of $1.0 million with 43 holders.
• WisdomTree Private Credit and Alternative Income Digital Fund (CRDT): An alternative institutional fund, CRDT tracks the price and yield of the Gapstow Liquid Alternative Credit Index (GLACI), which provides access to private credit through diversified exposure to alternative credit sectors. As of Sept. 15, WTSIX had a market cap of $6.61 million with 12 holders.
• WisdomTree Gold Token (WTGOLD): A commodity offering whereby each WTGOLD token represents ownership of one-troy ounce portion of a London Bullion Market Association (LBMA) gold bar custodied by HSBC via its vault facilities in London. As of Sept. 15, WTGOLD had a market cap of $1.7 million with 591 holders.

Other DeFi Integrations

Huma Finance Institutional - Private Credit for PayFi

Huma Finance Institutional functions similarly to the private, permissioned lending of Centrifuge, Maple, and Credix, and requires KYC/KYB approval for institutional and professional investors to lend capital. As of Sept. 15, the Huma Institutional application listed one pool on Stellar for qualified investors to deposit USDC to Arf for cross-border payments financing.

Arf is a global liquidity platform offering short-term, USDC-based financing for cross-border payments, eliminating the need for prefunded accounts. Leveraging onchain liquidity, Arf enables fast, low-cost settlements while reducing counterparty risk. In April 2024, Arf merged with Huma to expand its liquidity solutions.

Upcoming DeFi Integrations on Stellar

According to the Stellar Development Foundation, the following DeFi protocols are currently being integrated with Stellar and will support at least one RWA.

• Kinetic: Kinetic is an overcollateralized lending and borrowing protocol currently available on Flare.
• Templar: Templar is a permissionless overcollateralized lending and borrowing protocol that allows BTC holders to borrow U.S. dollar stablecoins by sending BTC to NEAR’s multi-party computation (MPC) network, which acts in lieu of a trusted third party. Users send native BTC to a deposit address and then receive stablecoins on the network of their choice.

According to SDF, Templar will expand beyond Bitcoin to support borrowing stablecoins via deposit of other assets. Templar’s first borrow/lend market on Stellar will be USDC/XLM in October 2025. Shortly after, deposits of solvBTC, Centrifuge deTokens, CETES, will also be supported as collateral for stablecoin borrowing.

RWA Infrastructure

Stellar’s RWA ecosystem is supported by a number of key infrastructure providers, including data oracles Band Protocol, Dia, Reflector, and Redstone, as well as LayerZero, Axelar, and Allbridge for network interoperability. Moreover, a number of platforms for regulated asset exchange, tokenization, and management are integrated with the network. While freely transferable composable RWAs offer the most utility onchain, regulatory hurdles currently prevent the vast majority of RWAs from being issued in such a manner. As such, these platforms provide an avenue for trillions in regulatorily compliant RWAs to be issued onchain, while offering utility such as lending and borrowing within this regulatorily compliant environment, rather than through a permissionless DeFi protocol.

• Archax: UK-regulated digital asset exchange Archax announced in August that it had integrated its tokenization engine and platform with Stellar. Archax offers a full suite of regulatorily compliant asset tokenization and management, including AML/KYC compliance, whitelist/blacklist management, automated income distributions, integrated custody services, and distribution services via the Archax Invest platform to raise capital and access investor communities. Archax also supports secondary trading through the Archax Exchange, bulletin board, and its OTC desk.
• 21X: 21X, Europe’s first fully regulated Distributed Ledger Technology-based trading and settlement system (DLT TSS), announced in September that it had integrated with Stellar and that the platform will be available to investors by the end of 2025. 21X will enable financial institutions for the first time to list and trade tokenized securities on Stellar on a regulated secondary market venue in the European Union (EU).
• Bitbond: Bitbond is an asset tokenization platform regulated in Germany as an asset broker. In December 2020, Bitbond collaborated with German bank Bankhaus von der Heydt (BVDH) to issue the EURB stablecoin on Stellar.
• Cashlink: CashLink is a licensed crypto securities registrar and crypto custodian that enables token-based securities issuance and settlement. Cashlink Connect provides a distribution hub for tokenized assets, while Cashlink Studio functions as a control center for Cashlink’s platform to coordinate the entire issuance process.
• Tokenforge: Tokenforge offers EU-compliant tokenization services. Its TokenSuite product supports regulatory compliance under MiCAR, MiFID II, and Germany’s Electronic Securities Act (eWpG). In addition to tokenization services, Tokenforge supports secondary market trading, automated dividend distribution, and staking options.

Closing Summary

Stellar’s RWA ecosystem has undergone remarkable expansion, evolving from a handful of issuers like Franklin Templeton and WisdomTree into a robust, diverse, and institutionally credible market segment. Yield-bearing products, especially tokenized treasuries, equity funds, and real estate, anchor this ecosystem, with composable DeFi integrations and programmable compliance setting Stellar apart. The concurrent rise of new U.S. tokenized Treasuries, non-U.S. Treasuries, equity funds, real estate, corporate bonds, alternative institutional funds, and commodities illustrates a robust RWA ecosystem, supported by cutting-edge infrastructure and a growing roster of institutional partners.

Looking ahead, Stellar’s unique combination of near-zero fees and purpose-built ecosystem of products, tools, and applications that people can use for everyday financial services positions it as a formidable platform for the next wave of RWA adoption. As new asset classes come online and partnerships deepen, Stellar is poised to rival other top chains by RWA TVL like Ethereum and Solana as it seeks to be the hub for programmable, global, and democratized finance.