NEWS | Stellar's tokenized real world assets grew 360 percent this year, reaching almost 4 billion dollars by August 29, up from just 868.8 million dollars at the end of 2025. These are traditional financial products like US Treasury bonds, private credit, and non US government debt, all issued and traded as digital tokens on Stellar's blockchain instead of through banks or brokers.
Five companies hold most of that growth. Spiko leads with 1.55 billion dollars, followed by Realiz, Tradable, Franklin Templeton, and Ondo. Stellar also holds more tokenized non US government debt than any other public blockchain, and the financial clearing giant DTCC plans to bring Treasurys, ETFs, and stocks onto the network in the first half of 2027. Meanwhile Stellar's own currency, XLM, is trading around 18 cents, down about 11 percent since the start of the year.
BMN sees this gap as the real story here. A network can become genuinely useful to major financial institutions without that usefulness ever showing up in its own coin price, since these institutions only need to hold small amounts of XLM to cover transaction fees, not to invest in the network itself.
That disconnect matters because it breaks the assumption most crypto investors rely on, that real adoption automatically means the token goes up. Stellar is proving those two things can move in completely opposite directions at the same time.
If institutions keep moving billions onto Stellar while its own coin keeps sliding, does that make XLM undervalued, or does it mean the coin was never really tied to this kind of growth in the first place?
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