Stellar's tokenized real-world asset market reached $3.996 billion on Aug. 29, according to network data, up from $868.8 million at the end of 2025 — a more than fourfold expansion in roughly eight months.

Five issuers account for most of that value, concentrating the market among a small group of platforms. As of Aug. 27, two days before the network-wide snapshot:

• Spiko: about $1.55 billion
• Realiz: $559 million
• Tradable: $548 million
• Franklin Templeton: $546 million
• Ondo: $535 million

Spiko alone represents close to 39% of the Aug. 29 total, meaning a single issuer determines the network's headline figure to an unusual degree.

Has the market peaked already?

A Sept. 28 snapshot suggests some of the growth has retraced. Tokenized assets on Stellar stood at $3.385 billion on that date, roughly $611 million below the Aug. 29 total. The same snapshot recorded peak throughput of 216.1 transactions per second over 100 blocks, an operational metric that indicates the network handled issuance and redemption activity at real institutional volume rather than in test conditions.

What assets sit on the chain?

Stellar held approximately $490 million in government debt issued outside the United States as of Aug. 20, including Mexican CETES Treasury bills and Brazilian government bonds. The network has led that category since February, making it a meaningful venue for emerging-market sovereign exposure in tokenized form — a niche that larger RWA competitors on other chains have not dominated.

The market includes traditional asset managers alongside native crypto firms. Franklin Templeton, a $1.6-trillion-class asset manager, operates alongside newer issuers such as Spiko, Realiz and Tradable, and Ondo, which tokenizes U.S. Treasuries and money-market exposure.

What does this mean for XLM?

Growth in tokenized assets does not translate into demand for Stellar's native token, XLM. Tokenized financial products can use a blockchain without requiring investors to hold its native token, so issuance volume on the ledger is not, by itself, a driver of token value. The relevant consequence is operational: more assets settled on Stellar mean more fee-paying activity for validators and a deeper track record for institutional infrastructure, regardless of XLM's market performance.

The DTCC connection ahead

A planned connection with the Depository Trust & Clearing Corporation could add another institutional channel. DTC-custodied assets are expected to become available on Stellar in the first half of 2027, subject to evaluation.

Potential assets include:

• Russell 1000 index constituents
• Major-index exchange-traded funds
• U.S. Treasury securities

A live DTCC link would distinguish Stellar from RWA platforms that rely on issuers to self-custody collateral, because it would connect the chain directly to the U.S. clearing and settlement backbone. If the evaluation proceeds on schedule, the first half of 2027 marks the next structural milestone for the network's institutional roadmap — and the window in which the current $3.4 billion market will either broaden beyond its five dominant issuers or remain concentrated as it is today.