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Stellar (XLM), the blockchain co-founded by Jed McCaleb, has become the leader in daily market cap growth for tokenized real-world asset (RWA) funds, according to Token Terminal data published by the RWA Foundation. Over the 24 hours to Nov. 13, the market cap of tokenized funds on Stellar went up by $44.9 million, and the network surpassed both Ethereum and Solana.
Over the same period, the market cap of tokenized funds on Solana, Ethereum and zkSync Era increased by $29 million, $10.8 million and $3.5 million, respectively.
Stellar is currently the second-largest blockchain for tokenized funds after Ethereum, according to Token Terminal. Over the past year, the RWA market on Stellar has grown roughly sixfold and reached $4.67 billion, according to rwa.xyz. At press time, the price of XLM stands at $0.1476.
According to the Stellar Development Foundation, Stellar was designed with the requirements of banks and transfer agents in mind. In this context, the compliance tools are built into the base layer of the network, and an issuer can vet investors through trustlines, freeze accounts and claw back assets.
Transactions on Stellar settle in 3 to 5 seconds, and the fees on the network are measured in fractions of a cent. Besides, users can move funds to and from fiat currencies through local providers, which are called anchors on Stellar.
Franklin Templeton has used Stellar since 2021
Franklin Templeton's BENJI money market fund has run on Stellar since 2021, and it was the first U.S. mutual fund on a public blockchain.
Today, Spiko, Ondo and WisdomTree are also building their own funds and tokenized U.S. Treasuries on Stellar. Spiko offers euro funds managed by Amundi, and Ondo has launched its USDY token on the network.
In May 2026, DTCC and the Stellar Development Foundation announced that the Depository Trust Company (DTC) will tokenize the assets it holds in custody on Stellar. According to DTCC, DTC-tokenized assets are expected to become available on the network in the first half of 2027.
On Nov. 12, DTCC also announced that it will connect its tokenization service to Solana in the second half of 2027.