Institutions Building on Stellar in 2026: Who and What
The institutions building on Stellar in 2026: Franklin Templeton, Spiko, Ondo, Circle, PayPal, SG-Forge, U.S. Bank, DTCC and MoneyGram, with sizes and dates.
WhaleHub Research
Last updated: October 2026
9 min read
Updated 23 October 2026: stablecoin supply from DefiLlama (24 October 2026); fund values from our posts on each issuer (rwa.xyz and Horizon, dated in the text); announcements from the issuers' own press releases and SDF's Meridian recaps.
Stellar's institutional roster in 2026 is longer than its DeFi TVL suggests. Franklin Templeton, Spiko, Ondo, Circle, PayPal, Société Générale-Forge, MoneyGram and U.S. Bank all run live products on the network, and DTCC has said it will connect its tokenization service in 2027. Many of them are on stage at Meridian 2026. Here is what each actually runs on Stellar, with sizes and dates, and what is still only a plan.
At a glance
| Institution | On Stellar | Status and size | At Meridian 2026? |
|---|---|---|---|
| Spiko (with Amundi) | Tokenized money market and swap funds | ~$1.78B (rwa.xyz, 9 Oct 2026) | Yes, lightning talk |
| Franklin Templeton | FOBXX money fund (BENJI) | ~500.5M BENJI (Horizon, 2 Oct 2026) | Not on schedule |
| Ondo Finance | USDY Treasury note | ~$537M (DefiLlama, 9 Oct 2026) | Yes, panel |
| Circle | USDC, EURC | $399.6M USDC, $4.8M EURC (DefiLlama, 24 Oct) | Not on schedule |
| PayPal / Paxos | PYUSD | ~12.4M (Horizon, 9 Oct 2026) | Not on schedule |
| Société Générale-Forge | EURCV euro stablecoin | $16.8M on Stellar (DefiLlama, 24 Oct) | Yes, talk and panel |
| Figure | YLDS | $25.2M on Stellar (DefiLlama, 24 Oct) | Yes, Figure Markets talk |
| U.S. Bank | USBDC bank stablecoin | Pilot, September 2026 | Yes, fireside |
| DTCC | Tokenization service link | Planned, 1H 2027 | Yes, fireside |
| MoneyGram | Cash ramps for USDC | Live; cash-out in 170+ countries | Yes, lightning talk |
| Centrifuge (Janus Henderson, Anemoy funds) | deJTRSY, deJAAA | Live since Sept 2025 | Yes, panel |
| Etherfuse | Tokenized government bonds | ~$16M USTRY + CETES (2 Oct 2026) | Yes, lightning talk |
"At Meridian 2026" means the organisation appears on the published schedule at meridian.stellar.org/schedule as of 23 October.
Asset managers: tokenized funds
Franklin Templeton
Franklin Templeton launched its Franklin OnChain U.S. Government Money Fund (FOBXX) on Stellar in April 2021, the first US-registered fund to record share ownership on a public blockchain. Its token is BENJI. On 2 October 2026 Horizon showed about 500.5M BENJI on Stellar across 1,375 holders.
The fund has since added other chains, but about two-thirds of it is still on Stellar. Holders must be approved by Franklin. See BENJI on Stellar.
Spiko
Spiko, a French MiFID-authorised firm, is the largest real-world-asset issuer on Stellar: about $1.78B on rwa.xyz on 9 October 2026, most of it the euro class of an overnight swap fund run with Amundi.
Paul-Adrien Hyppolite of Spiko speaks on day 2. See Spiko on Stellar and tokenized money market funds.
Ondo Finance
Ondo launched USDY, a tokenized note backed by short-term Treasuries and bank deposits, on Stellar at Meridian 2025. About 467.5M USDY, roughly $537M, was on Stellar on 9 October 2026, making it USDY's second-largest chain.
USDY is only for non-US investors. Ondo's Oya Celiktemur is on the day 1 panel "Issuance to Deployment". See USDY on Stellar.
WisdomTree and Centrifuge
WisdomTree's Vinh Tran is in the day 1 lightning talks; WisdomTree has publicly described a Stellar-based stablecoin, USDW, according to Ledger Insights. Centrifuge brought deJTRSY (a Janus Henderson Treasury fund) and deJAAA (an AAA CLO fund) to Stellar at Meridian 2025, and Eli Cohen of Centrifuge is on the day 2 regulation panel. Both tokens appear in Stellar DeFi: deJAAA is collateral on Templar, and deJTRSY underlies Spectra's fixed-rate markets.
Stablecoin issuers
Circle: USDC and EURC
USDC is the dominant stablecoin on Stellar: $399.6M of the network's $426.3M in stablecoins on DefiLlama on 24 October 2026. Circle's euro coin EURC went live on Stellar during Meridian 2023 in Madrid and held $4.8M on 24 October.
Circle said at Meridian 2025 that CCTP V2, its cross-chain transfer protocol, was coming to Stellar. See USDC on Stellar and EURC explained.
PayPal and Paxos: PYUSD
PayPal's PYUSD, issued by Paxos, went live on Stellar on 18 September 2025, during Meridian in Rio. About 12.4M PYUSD sat on Stellar on 9 October 2026, mostly in an Aquarius pool and Stellar DeFi Hub vaults.
See PYUSD on Stellar.
Société Générale-Forge: EURCV
SG-Forge, Société Générale's digital-assets arm, announced on 20 February 2025 that it would deploy its MiCA-compliant euro stablecoin, EURCV, on Stellar. DefiLlama showed $16.8M of EURCV on Stellar on 24 October 2026, the largest euro stablecoin on the network.
Sylvain Prigent of SG-Forge gives a day 1 lightning talk and sits on the day 2 panel "Rules as a Feature". See MiCA vs the GENIUS Act.
Figure: YLDS
DefiLlama listed $25.2M of Figure's YLDS on Stellar on 24 October 2026, and Karl Samsen of Figure Markets speaks on day 2. See yield-bearing stablecoins.
Banks and market infrastructure
U.S. Bank: USBDC
U.S. Bank announced on 9 September 2026 that it had completed a live pilot of its own dollar stablecoin, USBDC, on Stellar: a cross-border payment between U.S. Bank entities in North America and Europe, testing minting, payment, redemption, freezing and clawback.
The bank had been testing stablecoin issuance on Stellar with PwC and SDF since at least November 2025. Coverage at the time stressed that this is a pilot, not a public token. Jamie Walker, its head of digital assets and money movement, has a fireside on day 2. See tokenized deposits vs stablecoins.
DTCC
DTCC said on 27 May 2026 that its tokenization service will connect to Stellar, with DTC-tokenized assets expected on the network in the first half of 2027. The work rests on a December 2025 SEC no-action letter for a three-year pilot covering Russell 1000 stocks, major ETFs and US Treasuries.
Nothing is live yet. Nadine Chakar, global head of DTCC Digital Assets, has a fireside with SDF's CEO on day 1.
Payments
MoneyGram
MoneyGram has run cash on- and off-ramps for USDC on Stellar since 2022: you can collect cash for USDC in 170+ countries and territories and pay cash in for USDC in 25+. At Meridian 2025 its CEO announced a next-generation app built on Stellar.
Luke Tuttle of MoneyGram speaks in the day 2 lightning talks. See MoneyGram ramps and Stellar anchors.
Etherfuse
Etherfuse issues tokenized government bonds, including US Treasuries (USTRY), Mexican CETES and Brazilian Tesouros. About $12.4M of USTRY and $3.8M of CETES sat on Stellar on 2 October 2026. See Etherfuse Stablebonds.
Why institutions pick Stellar
- Issuer controls built in. Stellar assets can require authorisation, be frozen and be clawed back at the protocol level. U.S. Bank named this explicitly.
- Low, predictable fees. A transaction costs a fraction of a cent. See Stellar transaction fees.
- Existing cash rails. Anchors and MoneyGram connect tokens to bank accounts and cash.
- A long track record. Franklin Templeton has run a regulated fund on Stellar since 2021.
What it means for Stellar DeFi
The gap between institutional value on Stellar (billions) and DeFi TVL ($236.1M on 24 October 2026) is the network's biggest opportunity and its biggest open question. Most fund tokens are permissioned and cannot be posted as collateral in open lending markets. The pieces that do connect, USDC, PYUSD, USDY and Etherfuse bonds, already sit in Blend, Aquarius and XOXNO. Watch Meridian's "Issuance to Deployment" and "The Institutional Capital DeFi Can't Reach" sessions for how that might change. More in RWAs as DeFi collateral and protocols to watch.
Frequently asked questions
Which institutions use Stellar?
Among the largest: Franklin Templeton (its BENJI money fund), Spiko (tokenized funds with Amundi), Ondo (USDY), Circle (USDC and EURC), PayPal and Paxos (PYUSD), Société Générale-Forge (EURCV), MoneyGram (cash ramps), and U.S. Bank, which piloted its USBDC stablecoin on Stellar in September 2026. DTCC plans to connect its tokenization service to Stellar, with assets expected in the first half of 2027.
How much tokenized real-world value is on Stellar?
Our ecosystem map counted about $3.6B of tokenized funds on Stellar on rwa.xyz as of 9 October 2026, led by Spiko (~$1.78B), Franklin Templeton (~$616M) and Ondo's USDY (~$537M). Stablecoins are separate: DefiLlama showed $426.3M of stablecoins on Stellar on 24 October 2026, $399.6M of it USDC.
Why do institutions choose Stellar?
The reasons they give publicly are low and predictable fees, a built-in asset model with issuer controls such as authorisation, freezing and clawback, and an existing network of cash on- and off-ramps. U.S. Bank, for example, cited Stellar's support for freezing assets and clawbacks as customer protections.
Is DTCC live on Stellar?
No. DTCC announced on 27 May 2026 that its tokenization service will connect to Stellar, and expects DTC-tokenized assets to be available on the network in the first half of 2027. It is a plan, not live settlement.
Can I use these institutional tokens in Stellar DeFi?
A few, partly. USDC, EURC and PYUSD trade freely and are used in Blend and Aquarius. Ondo's USDY and Etherfuse bonds are accepted as collateral in some markets. Most fund tokens, such as BENJI and Spiko's funds, require approved holders and are not usable as DeFi collateral today.
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