Other trackers show a similar concentration. Reports citing RWA(.)xyz and Token Terminal data attribute recent inflows largely to Spiko Amundi, Franklin Templeton's BENJI fund and Ondo's $USDY. Another report on the network's fund market said Spiko manages about half of the funds on Stellar, with Franklin Templeton's BENJI in second place.
The issuers serve different investor groups. Spiko's euro fund is a French regulated product that, according to Bitquery, is open to ordinary savers with a 1,000 euro minimum. Franklin Templeton's BENJI, by contrast, is described as the first U.S.-registered mutual fund to use a public blockchain as its system of record, according to Stellar. That spread covers European institutions and savers as well as international and U.S. investors.
Stellar's Wider RWA Position
Stellar's total RWA footprint has also grown quickly. Data from RWA(.)xyz cited by Yahoo Finance showed that as of Oct. 28, Stellar held about $3.77 billion in distributed RWA value, fourth behind Ethereum, BNB Chain and Solana. That broader ranking differs from the fund-only ranking because it covers all RWA categories, not just tokenized funds.
Ethereum remains the largest RWA network overall. Research from RedStone, using RWA(.)xyz data, noted that funds account for around three quarters of Stellar's RWA value, underlining how closely the network's growth is tied to fund issuers.
Sources:
Yahoo Finance: Stellar Lands Securitize as It Climbs the Tokenized-Asset Rankings
RedStone Research: Next Phase for RWAs on Stellar
Bitquery: Tokenized Money Market Funds On-Chain
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