Stellar RWA Assets Outgrow Its DeFi Markets

Tokenized real-world assets on Stellar passed $3 billion in July while the network's DeFi markets held a fraction of that, according to a report published Wednesday by oracle provider RedStone.

Issuance on Stellar is running ahead of the lending markets and collateral pools that would make the assets usable onchain, the same constraint that has held back tokenization on larger networks. The Defiant covered a similar finding in a report on private credit's lead in RWA tokenization.

RedStone put Stellar's RWA supply at about $785 million in January and more than $3 billion in July, against DeFi total value locked of $213 million. Lending protocol Blend held $127 million, of which just over $2 million sat in pools that accept RWAs as collateral, per the report.

Onchain trackers land close to those figures. DefiLlama showed Stellar at $232.72 million in total value locked on Friday, with Blend at $150.03 million.

Four Funds

RedStone credited most of the growth to four products: the Amundi and Spiko Overnight Swap Fund at $713 million, Spiko's T-Bill fund at $536 million, Ondo's USDY at more than $533 million and VuMe Bond 2030 at $500 million. DefiLlama lists Ondo Yield Assets at $533.23 million, matching the report. Spiko's funds run across several chains, and the report's Stellar-only share of them could not be separated from the trackers.

The report ties the gap to pricing. Treasuries, credit funds and money market shares settle on schedules that do not match a lending market liquidating collateral at 3 a.m., and RedStone argues that 24/7 feeds are what turn those assets into usable collateral.

Stellar now carries 55 SEP-40 price feeds from RedStone spanning Treasuries, corporate credit, tokenized gold and money market funds. RedStone adopted the SEP-40 oracle standard in June.

DTCC In 2027

RedStone also points to the Depository Trust and Clearing Corporation's plan to bring DTC-custodied assets to Stellar in 2027. The report puts DTCC's assets under custody at $114 trillion.

XLM traded at $0.1835 on Friday, down 0.9% over 24 hours, with a market capitalization of $6.36 billion, according to CoinGecko.