Stellar Becomes Second-Largest Network for Tokenized Funds, With $4.5 Billion Market Value
Key Facts
Token Terminal said in its newsletter published on November 12, 2026, that Stellar had become the second-largest network for tokenized asset funds, with a market value of $4.5 billion, behind only Ethereum. That was up from eighth place a year earlier, when the market value of those funds on the network was $675.2 million. The shift puts Stellar among the largest platforms for trading tokenized funds, with expansion extending over a year rather than being confined to a single day’s move. The newsletter attributed part of the expansion to three issuers: Spiko, Franklin Templeton and Ondo. It added that the market value of each on Stellar had increased by more than $500 million over the year.
Spiko funds were the biggest driver among the examples cited in the newsletter, with their market value on Stellar rising 70.2 times in a year to $2.1 billion. Token Terminal said the eurSAFO fund accounted for most of the increase, with its holdings on the network reaching $1.6 billion. Franklin Templeton’s tokenized funds on the network grew 2.3 times in a month, reaching a record $1.3 billion. Within that group, the value of the BENJI fund on Stellar rose from $470 million to $1.2 billion during the month. The figures show that the expansion in market value was spread across multiple products and issuers, with clear differences in the scale of growth and the period covered by each example.
For Ondo, the market value of the USDY fund on Stellar rose from $1 million to $538.7 million over a year, according to Token Terminal. The fund’s market value across all networks was $2.4 billion, putting its Stellar balance within its broader multi-network activity. Assets on Stellar are typically issued by moving the asset from the issuing account to the distribution account, according to the Stellar Development Foundation’s guide. A trustline for the asset must exist at both accounts for a transfer between them, according to the same guide. This mechanism illustrates part of the infrastructure used to issue and trade assets on the network, while the fund figures reflect volumes and values tied to specific products.
In a report based on Allium’s analysis of activity across 150 blockchains through September 30, 2026, the Stellar Development Foundation said the market value of tokenized real-world assets on the network had risen 6.1 times to $4.12 billion. Stellar’s share of total tokenized real-world assets increased from 4.9% to 12.7% over the period covered by the report. In the category of tokenized government debt issued outside the United States, the foundation said Stellar had overtaken Ethereum since early February, with about $490 million in sovereign instruments on-chain, according to RWA.xyz data as of August 20, 2026. The foundation said Ethereum remained ahead in tokenized U.S. Treasuries and total tokenized real-world asset value. It also said stablecoin payment volume on Stellar reached $5.5 billion in the first quarter of 2026, up 72% year over year, while transaction velocity increased 75%.
In another institutional development, Janus Henderson and Centrifuge announced on October 27, 2026, the launch of the JQQQ fund exclusively on Stellar, with the aim of tracking the Nasdaq-100. The announcement said Janus Henderson’s on-chain asset platform had more than $1 billion in institutional strategies, including U.S. Treasuries, structured credit and public equities. Franklin Templeton and the Stellar Development Foundation had previously said in a joint statement dated April 30, 2026, that the number of BENJI investors had increased by more than 140% between April 2024 and March 2026. The statement added that cumulative person-to-person BENJI transfers had exceeded $211 million as of March 31, 2026. The mainnet is scheduled to vote on the Bell upgrade, Protocol 30, on November 23, 2026, at 17:00 UTC; the proposed upgrade includes multi-client contract addresses, post-quantum signature verification and millisecond ledger timing.