Stellar: Institutional Finance on an Open Global Network

Key takeaways

1. Four issuers that launched on Stellar during the year now each hold more than $500M. Spiko, Realiz, Tradable and Ondo Finance joined Franklin Templeton among the network’s largest issuers and lifted Stellar’s share of tokenized real-world assets from 4.9% to 12.7%.
2. Stellar now holds 42% of tokenized non-US government debt, up from 0.7% a year earlier. The network held $319M of the $766M outstanding across blockchains in September 2026, making it the largest network for this category. Spiko’s euro Treasury-bill fund accounted for $304M of that total.
3. Stablecoin payment volume on Stellar grew 22% to $1.95B over the 12 months through September 2026. Payments between businesses accounted for $1.34B, up 26% from the preceding 12 months. Business payments averaged $383, compared with $15 between consumers, so businesses use Stellar for larger payments while consumers make many smaller transfers.

Abstract

Asset managers and payment firms use Stellar to distribute funds and make international payments. Spiko grew its assets on the network to $1.69B in under a year, while Franklin Templeton uses built-in controls to manage who can hold its BENJI fund. MoneyGram lets customers hold dollars and withdraw local cash, and PayPal makes its stablecoin available in other wallets.

Download the full report for issuer-level data, five case studies and the methodology.

Informational only. Not investment advice.