Real-world assets on Stellar, tokenized

Stellar tokenization is the practice of issuing claims on real-world assets (fund shares, Treasury-backed notes, credit and commodities) as tokens on the Stellar network. It is not a side project. rwa.xyz counted about $3.92B of distributed real-world assets on Stellar across 84 products at our latest check, led by tokenized money market funds from Spiko, Franklin Templeton and Ondo (rwa.xyz Stellar dashboard).

Why Stellar? Mostly for boring reasons that matter to regulated issuers: fees of a fraction of a cent, ledgers that close in about five seconds, and built-in controls that let an issuer approve holders, freeze a balance or claw tokens back when a court or regulator demands it. This guide explains how real-world assets on Stellar work, who issues them, what the Asia-Pacific picture looks like, and why most of these products are still out of reach for ordinary retail investors in Asia.

What tokenization on Stellar actually means

Strip away the jargon and a tokenized fund is a familiar thing with a new ledger. A regulated asset manager still runs the fund, buys the Treasury bills, calculates the net asset value and answers to its regulator. What changes is the shareholder register. Instead of a database inside a transfer agent, ownership is recorded as a Stellar asset: a token with a code (say, BENJI) and an issuing account controlled by the manager.

That shift unlocks practical things. Shares can move between approved holders around the clock rather than on bank-business days. Settlement takes one ledger, about five seconds, instead of a T+1 or T+2 cycle. Dividends can be paid onchain. And because the token is a standard Stellar asset, it can sit in the same Stellar wallet as USDC or XLM, or be used by Soroban smart contracts as collateral.

It is worth separating two categories that trackers often blur. Stablecoins such as USDC or PYUSD are tokenized cash, covered on our stablecoins page. Real-world assets (RWAs) in the narrower sense are investment products: money market funds, Treasury notes, private credit, gold. Those are the subject here.

Why institutions choose Stellar for real-world assets

Asset managers do not pick a blockchain for vibes. They need to meet know-your-customer rules, sanctions screening and court orders, and they need to prove it to a regulator. Stellar has offered issuer controls at the protocol level for years, so these rules do not depend on custom smart-contract code that could contain bugs.

SDF’s developer docs describe four account flags that an issuer can set:

• Authorization required: nobody can hold the asset until the issuer approves their trustline, which maps neatly onto a fund’s KYC whitelist.
• Authorization revocable: the issuer can freeze a holder’s balance, or drop it to a limited state where the holder can only close positions.
• Clawback enabled: the issuer can take tokens back (burning them), for example to correct an error or satisfy a legal order. It requires the revocable flag too.
• Authorization immutable: the opposite promise. Once set, the issuer can never switch those powers on.

The Stellar Asset Contract carries these controls into smart contracts. Every classic asset has one reserved contract, and SDF stresses that an asset and its contract “represent the same asset”. It is not a wrapped copy. Transfers into contracts still respect authorization and clawback rules. For an issuer, that means a fund token can be used in a lending pool without slipping out of its compliance perimeter.

Cost and speed matter too. A Stellar operation costs a base fee of 0.00001 XLM, and fees go into a locked pool rather than to validators. See our fees and speed guide for the details. Franklin Templeton itself sits among the validator organisations listed in the network’s top tier by the Obsrvr Radar crawler, alongside SDF, MoneyGram and others. In other words, an issuer can help run the infrastructure its fund depends on.

Franklin Templeton BENJI: the fund that started it

The Franklin OnChain U.S. Government Money Fund (FOBXX) launched on Stellar in 2021. Franklin Templeton and SDF describe it as the first US-registered mutual fund to use a public blockchain as its official system of record, which is an issuer claim but a widely repeated one. Each BENJI token equals one fund share (SDF press release).

The five-year release gives the clearest numbers. The BENJI suite managed $1.98B across all chains as of 29 April 2026. FOBXX on Stellar alone was worth over $650M in April 2026, which made it the second-largest tokenized RWA on Stellar per rwa.xyz. BENJI investors grew by more than 140% between April 2024 and March 2026. Cumulative peer-to-peer transfers passed $211M by 31 March 2026, after Franklin opened P2P transfers to retail holders in May 2025. At our latest check, rwa.xyz valued Franklin’s products on Stellar at about $681M.

Franklin has since added other blockchains, so “BENJI” is now a multichain brand. But Stellar was the launch network, and Franklin also chose it for a fully tokenized Luxembourg UCITS fund in 2024 and its first retail tokenized fund in Singapore in 2025.

Pan-chan says

A fund on a blockchain is still a fund. Read the prospectus, check who can invest and look at the fees before you look at the token.

Spiko, Ondo, WisdomTree and the other big issuers

Franklin was first, but it is not the largest. According to rwa.xyz, Paris-based Spiko leads by a wide margin, with about $2.0B across nine products on Stellar. Spiko issues tokenized money market funds such as USTBL (US Treasury bills) and EUTBL (euro government bills), and Stellar is its largest chain. In March 2026 Europe’s largest asset manager, Amundi, launched the Spiko Amundi Overnight Swap Fund (SAFO) on Ethereum and Stellar with $100M committed, CACEIS as depositary and Chainlink publishing the NAV (The Block). An October 2026 press headline called SAFO the world’s largest tokenized fund. That is the issuers’ claim; we have not verified it independently.

Ondo Finance brought USDY, a yield-bearing token tied to US Treasuries, to Stellar on 17 September 2025. The announcement is explicit that USDY is not offered or sold in the United States or to US persons (SDF press release). RedStone supplies an oracle feed so USDY can serve as lending collateral.

WisdomTree issued 13 digital funds and a gold token on Stellar through its WisdomTree Prime app in May 2024, when Prime was available in 41 US states (SDF statement). It added a private credit fund on Ethereum and Stellar in September 2025. Smaller but notable: Centrifuge launched its deRWA tokens with $20M, Figure issued its SEC-registered yield-bearing YLDS in May 2026, and Archax announced a tokenized euro government-bill product at the end of October 2026.

Figures are from rwa.xyz at our latest check and move daily. rwa.xyz also lists two large positions, from Realiz and Galaxy Digital, whose underlying products we could not identify from public announcements, so we leave them out of this table.

Stellar RWA by the numbers

Three different measurements tell the same story from different angles. SDF’s own review of 2025 reported that RWAs on Stellar grew 172% year on year (SDF 2025 review). Token Terminal put tokenized RWAs on Stellar at about $3.3B around September 2026, which ranked Stellar third among blockchains on that metric (CryptoSlate). And rwa.xyz showed about $3.92B at our latest check, up roughly 13% over 30 days, with 24,791 holders and about $531M of RWA transfers in the previous 30 days.

The holder count is the number that keeps this in perspective. About 25,000 addresses hold nearly $4B, an average far above a typical retail account. This is still an institutional and high-net-worth market. The value is concentrated in a few issuers too: Spiko, Franklin and Ondo account for most of it.

The Asia-Pacific angle: Singapore leads

For readers in Asia, the most relevant developments are Singaporean. In May 2025 Franklin Templeton received approval from the Monetary Authority of Singapore for the Franklin OnChain U.S. Dollar Short-Term Money Market Fund, described as the first tokenised fund available to retail investors in Singapore, with a minimum of US$20 (Fintech News Singapore). Franklin’s own five-year release confirms that this retail fund runs on Stellar. Its token, sgBENJI, is distributed through platforms including ADDX, DBS, InvestaX and CapBridge, and each channel sets its own eligibility rules.

The second piece is infrastructure. On 29 October 2026 SDF announced a strategic investment, amount undisclosed, in Marketnode, a Singapore digital market infrastructure operator backed by Euroclear, HSBC, SGX Group and Temasek (SDF press release). Marketnode already distributes tokenized products from CGS International, Franklin Templeton, Maybank Asset Management and WisdomTree on Stellar, and it has announced onchain access to select BNY Investments funds. Its audience is asset managers, distributors and eligible investors across the region. Retail buyers are not the target.

Elsewhere the picture is thinner. We found no Stellar-based tokenized fund distributed through licensed local channels in Indonesia, Vietnam, South Korea or Japan, and no SDF partnership in those markets beyond the region-wide Marketnode deal. Our Asia hub tracks the local rules country by country.

Who can access these products

This is the part most “RWA hype” articles skip. Tokenized does not mean open to everyone. A fund token inherits the fund’s legal restrictions, and issuers enforce them with the authorization flags described above. Where an issuer requires authorization, a token cannot land in your wallet until your account is approved.

In practice, access splits three ways. US-registered products such as FOBXX are aimed at investors the issuer can onboard under US rules. Products such as USDY are offered only to non-US investors, and even then, local securities law in your country may restrict them. Then there are platforms like Marketnode or InvestaX that serve institutional, accredited or expert investors. A professional in Singapore may qualify for several products. A retail saver in Jakarta, Hanoi, Seoul or Osaka will usually find that none are offered to them locally.

If you are in that second group, the realistic exposure to this trend is indirect. You can hold XLM, the network’s native asset, or use regulated stablecoins. Neither gives you a Treasury yield, and XLM’s price can move sharply. Read our regulation and safety overview before you buy anything.

Risks, and the copycat token problem

Tokenized funds carry the usual fund risks: interest-rate moves, the credit quality of holdings, and the possibility, rare but real for money market funds, of losses. Onchain wrappers add their own layers. Smart-contract integrations can fail, oracles can be manipulated (Stellar’s DeFi sector learned this in February 2026, covered on our DeFi page), and an issuer’s freeze and clawback powers cut both ways. They protect compliance, but they also mean you never hold a fully bearer-style asset.

The most practical risk for ordinary users is fakes. Stellar lets anyone issue a token with any code. At our latest check, explorers showed unrelated issuers using codes such as BENJI, USDY, YLDS, EURCV, AUDD and GYEN. A token is only genuine if its issuer account belongs to the real company. For Franklin’s BENJI on Stellar, the official asset’s home domain is franklintempleton.com. Always check the code plus the issuer, or the home domain, in an explorer. A ticker on its own proves nothing.

Ryu says

Fake BENJI and USDY tokens exist on Stellar. If someone offers you a “tokenized Treasury” with a juicy yield through a DM, close the chat.

The bigger picture is encouraging, though. Large asset managers have been running real money on Stellar for five years, Singapore has shown that a regulator can authorise a retail tokenized fund, and Marketnode gives the region an institutional on-ramp. For a broader view of who builds on the network, see our guide to Stellar partnerships and adoption.

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