Best RWA Platforms on Stellar (2026): Who Issues What

Stellar RWA platforms at a glance

Ordered by value on Stellar, per rwa.xyz on 6 October 2026. "Who can buy" is rwa.xyz's eligibility field; every product listed requires KYC.

Platform	Asset type	Value on Stellar	Who can buy
Spiko	Tokenised money market and swap funds (EUR, USD, GBP, CHF)	$1.72B	Varies by fund: non-US for EUTBL and SAFO; US and non-US for USTBL and UKTBL
Franklin Templeton	US government money fund (BENJI) and related vehicles	$605.2M	US investors for BENJI
Ondo	USDY, a Treasury-backed yield note	$537.0M	Non-US investors
Realiz	Corporate bond (VuMe Bond 2030)	$500.0M	Non-US professional investors
Circle	Stablecoins (USDC, EURC), not counted as RWA	$356.5M	Anyone can hold; minting is institutional
WisdomTree	16 tokenised funds	$40.6M	US investors for WTGXX
Centrifuge	Tokenised fund wrappers	$29.5M	Check issuer
Etherfuse	Tokenised government bonds (Stablebonds)	$16.5M	Non-US investors
BWB, Urbanflip, Cara7, Agama	Real estate, auto ABS, private credit	Not live on Stellar	Funded by SCF; in development

Stellar RWAs by the numbers (October 2026)

As of 6 October 2026, rwa.xyz counts $3.51B of distributed real-world assets on Stellar, 72 assets and 22,997 holders. The total rose 7.0% in 30 days and the holder count 15.3%. Stablecoins add about $415.6M on top and are tracked separately.

By asset class, rwa.xyz splits Stellar's total into active strategies ($1.40B, mostly Spiko's overnight swap funds), US Treasury debt ($1.21B), corporate credit ($516.8M, almost all Realiz), non-US government debt ($289.5M) and a tail of asset-backed credit, tokenised stocks and commodities, each under $31M. The concentration is the point to notice: the top four issuers hold about 96% of the total.

Counting conventions matter here. The rwa.xyz league table for Stellar mixes stablecoin issuers (Circle, Paxos, Brale) in with fund issuers, so its rows add up to more than $3.51B. Throughout this article, "value on Stellar" is the rwa.xyz figure for that issuer's tokens on Stellar only, not its total across chains. For why issuers pick Stellar in the first place, see why issuers tokenise on Stellar; for the wider market, why RWA demand is growing.

How to choose

• You want a dollar money fund and are a US investor: Franklin Templeton's BENJI is the main Stellar option; Spiko's USTBL is also listed for US investors.
• You hold euros or are outside the US: Spiko's EUTBL and euro swap fund, or Ondo's USDY in dollars.
• You want non-dollar sovereign debt in small sizes: Etherfuse's Stablebonds, with the caveat that they are small and young.
• You need something usable in DeFi: check which assets lending markets actually accept and how they price them. Oracles on Stellar explains why that matters more than the issuer's brand.
• You are a professional investor looking for credit: Realiz's bond and Spiko's cash-and-carry fund are the restricted products here.

Spiko — the largest issuer on Stellar

Spiko is a French, MiFID-authorised firm that tokenises regulated money market and swap funds. Its nine funds carry $1.72B on Stellar per rwa.xyz, more than on any other chain it uses: Arbitrum is next at $488.0M. Holders on Stellar rose 20.6% in 30 days to 13,907.

Spiko describes its flagship products as UCITS funds approved by French regulators. Most of its Stellar value sits in one product: the euro share class of the Spiko Amundi Overnight Swap Fund (eurSAFO), at about $1.24B on 6 October. The rest is spread across the EU T-Bills fund EUTBL ($274.5M), the dollar SAFO class ($110.0M), the US T-Bills fund USTBL ($33.5M) and the UK T-Bills fund UKTBL ($10.9M), with smaller amounts in other share classes.

Eligibility differs by fund. rwa.xyz lists EUTBL and both SAFO classes for non-US investors, USTBL and UKTBL for US and non-US investors, and the cash-and-carry fund SPKCC for non-US professional investors only. Subscriptions and redemptions are daily. The risk to note is concentration: one share class launched in March 2026 is roughly a third of all RWA value on Stellar, so a single large redemption would move the network's headline number noticeably.

Franklin Templeton — BENJI and the onchain money fund

Franklin Templeton's Benji platform has $605.2M on Stellar across three assets per rwa.xyz. The main one is BENJI, the token for the Franklin OnChain U.S. Government Money Fund, at $522.7M with 1,102 holders. rwa.xyz lists it for US investors.

On Stellar the token is the fund's official share register rather than a mirror of one. That design, the authorisation model and the fund's fees are covered in our BENJI guide. The two smaller Stellar assets belong to other Benji vehicles, including a Singapore VCC at $24.4M. Across all chains, Franklin's Benji products total about $2.60B on rwa.xyz, with BNB Chain now carrying more than Stellar.

Ondo — USDY

Ondo has one asset on Stellar: USDY, a yield-bearing note backed by short-term US Treasuries. rwa.xyz values it at $537.0M on Stellar with 1,356 holders. It is open to non-US investors after KYC, with daily subscriptions and redemptions settled in USDC.

USDY is unusual in that DefiLlama counts it as a stablecoin while rwa.xyz counts it as an RWA. It is neither quite: it accrues yield, so its price rises over time rather than holding at $1, and it is a debt note, not a fund share. On Stellar it is issued as a classic asset with a Stellar Asset Contract, so it can be used by Soroban contracts. USDY's Stellar supply barely moved over the last 90 days (about 467.5M tokens), so the dollar value changes mainly with its price.

Realiz — one bond, one holder

Realiz is a Luxembourg securitisation fund. Its single Stellar asset, the VuMe Bond 2030 (TPT30), is listed by rwa.xyz at $500.0M, classed as corporate credit, supervised by the CSSF and restricted to non-US professional investors. It redeems only at maturity.

Two details deserve scepticism. rwa.xyz shows exactly one holder address for the bond, and the $500.0M has not changed over 30 or 90 days. A round, static figure with one holder looks more like a bond registered onchain at face value than a traded market. It may be entirely legitimate, but it is not evidence of $500M of onchain demand. Realiz's own rwa.xyz profile also labels the platform "onchain represented", which sits oddly with its inclusion in the distributed total.

Circle — USDC and EURC, not USYC

Circle appears fifth in the rwa.xyz league table for Stellar, at $356.5M, but those are its stablecoins: USDC at about $351.5M and EURC at about $4.7M. Its tokenised money fund, USYC, is not deployed on Stellar according to rwa.xyz on 6 October 2026.

USDC matters to every platform above because it is how most of them settle: Ondo subscriptions are paid in USDC, and Spiko's EUTBL is subscribed in EURC. For how USDC reaches Stellar from other chains, see how to bridge USDC to Stellar; for Stellar's stablecoin market as a whole, stablecoins on Stellar.

WisdomTree and Centrifuge — the long tail

WisdomTree has 16 tokenised funds on Stellar worth $40.6M combined per rwa.xyz, led by its 500 Digital Fund at $19.0M. Centrifuge, with its asset manager Anemoy, has four assets worth $29.5M. Both are established issuers with a small Stellar footprint so far.

Many WisdomTree funds hold under $2M on Stellar each, including its Government Money Market Digital Fund (WTGXX) at $2.2M, which rwa.xyz lists for US investors. Centrifuge's Stellar tokens include deJTRSY and deJAAA, which XOXNO's lending configuration lists as collateral-only markets priced by RedStone. Other issuers between $15M and $26M include Figure ($25.2M), Rivool Finance ($24.7M), NYALA ($17.1M) and Société Générale–FORGE ($16.9M).

Etherfuse — Stablebonds

Etherfuse issues Stablebonds, tokens backed by government bonds such as US Treasuries (USTRY) and Mexican CETES. It has five assets on Stellar worth $16.5M per rwa.xyz, its largest chain by far. rwa.xyz lists Stablebonds for non-US investors.

Etherfuse is small next to the funds above, but it is the issuer most woven into Stellar DeFi: USTRY and CETES trade against USDC in Aquarius pools and are accepted as collateral by some lenders. USTRY was also the collateral at the centre of the February 2026 YieldBlox exploit, a failure of pool pricing rather than of the token. Structure, fees and the open questions about custody are in our Stablebonds guide.

BWB, Urbanflip, Cara7 and Agama — funded, not live

Four RWA projects appear in Stellar Community Fund round 45. None has an asset tracked on Stellar by rwa.xyz as of 6 October 2026, and BWB's public repository states that nothing is deployed to mainnet. Treat all four as in development.

• BWB: Brazilian Real Estate Yields — a Brazilian real estate investment platform offering CVM-compliant public offerings, porting its Base contracts to Soroban. SCF #45 award: $150.0K, marked awarded. Its repository says no external audit has been performed yet.
• Urbanflip — a live, off-chain co-investment platform for Madrid property, which says over $90M was invested through it in the last 12 months. It plans to issue each investor's loan as a Stellar asset and pay interest in USDC. SCF #45: $120.0K listed, submission status "information collection".
• Cara7 — infrastructure for auto asset-backed securities, tokenising both the loan data and the ABS notes, with EURC distributions run by a Soroban payment waterfall. SCF #45: $127.9K listed, status "information collection".
• Agama — private credit vaults and a synthetic dollar (agUSD) backed by private credit strategies. Its SCF #44 submission was not awarded; its SCF #45 submission was awarded $108.2K.

For how the fund's tranches and milestones work, see the Stellar Community Fund explained.

How these fit together

Stellar's RWA market is mostly money-market exposure from regulated European and US managers: Spiko, Franklin and Ondo between them are cash-like products. Realiz is a large, static credit position, and everything else is small. The DeFi layer on top is thinner still. Most of these tokens require issuer approval for each holder, so they cannot drop into a permissionless pool, and the ones that do reach lending markets depend on how those markets price them. Our guide to RWAs as DeFi collateral covers that problem in detail.

The takeaway

Ask three questions of any Stellar RWA: who is allowed to hold it, how much of the headline value is one product or one holder, and whether anyone can price it onchain. On those tests Spiko, Franklin and Ondo are real and widely held, Realiz is a single large position, and the SCF projects are plans, not products.

Sources: rwa.xyz Stellar network page, platform pages (Spiko, Realiz, Franklin Templeton Benji Investments, Etherfuse) and asset pages (EUTBL, USTBL, UKTBL, SAFO, eurSAFO, SPKCC, TPT30, USDY, USYC, USDC, EURC, BENJI, WTGXX), 6 October 2026; spiko.io; Stellar Community Fund project pages for BWB, Urbanflip, Cara7 and Agama; BWB-Labs/bwb-stellar README; XOXNO rs-lending-xlm mainnet configuration.