Stellar Holds $4.5 Billion in Tokenized Funds, Second Only to Ethereum

Stellar ranks second behind Ethereum in tokenized funds, with $4.5 billion in value recorded on the network, according to trackers cited across recent reports drawing on RWA.xyz and Token Terminal data. The figure places the seven-year-old chain ahead of larger general-purpose networks in the fund category, though the ranking covers funds only and not the broader real-world asset market.

Who is driving the inflows?

Recent inflows come largely from three issuers: Spiko Amundi, Franklin Templeton's BENJI fund and Ondo's USDY, reports citing the tracking data said. One report on the network's fund market said Spiko manages about half of the funds on Stellar, with Franklin Templeton's BENJI in second place.

That concentration is the story's soft spot. If a single issuer controls roughly half of fund value, the network's standing depends heavily on one firm's continued presence. The trackers do not say what would happen to the ranking if Spiko's share shifted.

The two leading issuers serve visibly different investor bases. Spiko's euro fund is a French regulated product that, according to blockchain analytics firm Bitquery, is open to ordinary savers with a 1,000 euro minimum. Franklin Templeton's BENJI is described by Stellar as the first U.S.-registered mutual fund to use a public blockchain as its system of record. Together the spread covers European institutions and retail savers as well as international and U.S. investors.

Where does Stellar stand in the wider RWA market?

The fund-only ranking flatters the network. Data from RWA.xyz cited by Yahoo Finance showed that as of Oct. 28, Stellar held about $3.77 billion in distributed RWA value, placing it fourth behind Ethereum, BNB Chain and Solana. The broader ranking covers all real-world asset categories, not just tokenized funds.

The gap between the two figures is narrow but instructive. The difference between $4.5 billion in funds and $3.77 billion across all RWA categories means non-fund assets contribute little, and in some data cuts may even register as a drag on the headline number.

Ethereum remains the largest RWA network overall by a wide margin. Research from RedStone, using RWA.xyz data, noted that funds account for around three quarters of Stellar's RWA value, underlining how closely the network's growth is tied to fund issuers rather than to a diversified asset base.

Three quarters is a high dependency by any measure. For comparison, a network where no single category dominates would be less exposed to a slowdown in fund issuance or to an issuer migrating to a rival chain. Stellar's fund issuers are regulated entities, and regulated entities can relocate.

What sustains the position?

The network's second-place fund ranking rests on regulated products from named institutions rather than on decentralized issuance. That is a stability argument and a concentration risk at once. The reported figures come from third-party trackers, and the issuers themselves have not published independent reconciliations of on-chain value against fund assets under management.

Whether Stellar keeps the number-two slot will depend on whether the remaining quarter of its RWA base grows, and whether Franklin Templeton, Spiko and Ondo keep allocating to the chain as competitors court the same issuers.