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- Stellar now hosts roughly $3.5 billion in tokenized real-world assets, surpassing the XRP Ledger at about $2.5 billion.
- Spiko contributes about $1.7 billion in tokenized money market assets, while Franklin Templeton’s BENJI fund accounts for roughly $605 million.
- Tokenized asset volume does not automatically create equivalent demand for the XLM or XRP native tokens.
Stellar now hosts roughly $3.5 billion in tokenized real-world assets, ahead of the XRP Ledger at about $2.5 billion. The crossover follows rapid growth in Stellar-based money market funds, Treasuries, and other institutional products during 2026.
Stellar began the year below $1 billion in tracked RWAs (Real World Asset) and crossed $3 billion by June. Ethereum remains substantially larger overall, so the milestone reflects a change in the relative positions of Stellar and XRPL rather than the broader RWA market.
Money Market Funds Drive Stellar’s Growth
Spiko is one of Stellar’s largest contributors, with about $1.7 billion in tokenized money market assets. Franklin Templeton’s BENJI fund accounted for roughly $605 million, while WisdomTree operates multiple digital funds on the network.
Franklin Templeton has used Stellar for its on-chain U.S. Government Money Fund since 2021. The blockchain supports issuer controls such as authorization and clawback functions, which can help issuers meet compliance requirements for regulated financial products.
“We ultimately chose Stellar because it enabled us to meet these certain token-level controls that met the SEC’s strict criteria of operating a mutual fund on-chain.”
XRP Ledger’s Total Is More Concentrated
The XRP Ledger has also expanded quickly, but its RWA value is more concentrated. Justoken’s JMWH energy token accounts for about $2.23 billion, representing most of XRPL’s reported RWA value.
Other XRP Ledger assets include tokenized diamonds and financial products. Stellar’s reported total includes a larger mix of money market funds, Treasuries, and other institutional assets.
RWA Growth Does Not Directly Equal Token Demand
A larger volume of tokenized assets does not automatically create equivalent demand for XLM or XRP. Investors in tokenized Treasuries or money market funds primarily gain exposure to the underlying financial product rather than the blockchain’s native token.
XLM is still used for transaction fees and network operations, but those fees are designed to remain low. The RWA totals therefore measure assets issued or represented on each network, not capital invested directly in XLM or XRP.
