Stellar's tokenized real-world asset market has grown from about $785 million in January to more than $3 billion in July, but its lending protocols have barely touched that value. Only just over $2 million sits in the pools capable of accepting those assets as collateral.
Stellar's real-world asset value has expanded almost fourfold in the first seven months of 2026, as tokenized money market funds and Treasury products pushed its onchain total past $3 billion. Yet the network's decentralized finance protocols have barely touched that pool of collateral.
Four products carry most of the value
Four tokenized products each account for hundreds of millions of dollars. The Amundi and Spiko Overnight Swap Fund, a French-regulated cash-management product, has grown to hundreds of millions in onchain value since it went live on Stellar in March.
Spiko's tokenized U.S. Treasury bill fund reached about $536 million. Ondo Finance's USDY held more than $533 million on the network.
VuMe Bond 2030, a Luxembourg-regulated corporate bond that launched in February, has reached approximately $500 million. Franklin Templeton's BENJI-based government money fund, live since 2021, holds about $460 million.
Lending pools hold a fraction of that issuance
Total DeFi value on Stellar stood at about $259 million when the report was prepared, far below the $3 billion tokenized on the network. Blend, the network's largest lending protocol, accounted for roughly $127 million of that total.
Its pools capable of accepting RWAs held only slightly more than $2 million. Templar Protocol, which lets users borrow against assets including deJAAA and deJTRSY, had about $8.4 million in total value locked.
Royal Fool, the pseudonymous chief executive of Templar Protocol, said dependable pricing is a precondition for accepting real-world collateral, since lending protocols need current prices to calculate loan-to-value ratios and flag undercollateralized positions.
Continuous pricing could close the gap
Unlike Bitcoin or Ether, many tokenized securities do not trade around the clock, which complicates oracle pricing for money market funds and corporate debt. Stellar's SEP-40 interface now standardizes how Soroban contracts request that data.
RedStone joined Stellar in March and later adopted SEP-40. The provider now supports 55 price feeds covering Treasuries, sovereign debt and tokenized gold.
The Depository Trust & Clearing Corporation plans to add tokenized versions of DTC-custodied assets to Stellar in the first half of 2027, following a no-action letter it received from the SEC in December 2025.
Source: RedStone
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