Stellar's Tokenized RWA Market Nears $4 Billion
The Stellar network's tokenized real-world asset (RWA) market cap has reached nearly $4 billion, according to data from Dune Analytics and Stellar. This represents a significant increase of roughly 360% from the end of last year, when the RWA value was at $868.8 million.
The total is based on tokenized RWA values on the network, rather than stablecoin transfer activity or broader measures of Stellar network use. The data shows that Spiko held $1.55 billion of Stellar RWA value as of August 27, making it the largest disclosed contributor in the supplied dataset.
The network's RWA market spans tokenized U.S. Treasurys, private and public credit, non-U.S. government debt, and other asset classes. The $490 million in tokenized non-U.S. government debt held by Stellar as of August 20 represents a significant component of the broader mix.
The surge in RWA value is part of a larger trend on the network, with stablecoin transfer volume reaching an all-time high of $11.4 billion in Q2, up 72% quarter over quarter.