Stellar has become a leading chain for tokenized real-world assets. On-chain RWA value (excluding stablecoins) crossed $3 billion in 2026, up from roughly $1 billion early in the year. The growth comes from issuers tokenizing government securities, treasuries, and funds that users can hold and move like any other Stellar asset.
This article looks at the main issuers, how RWAs enter lending markets, and the design choices XOXNO uses to support them safely alongside the core USDC and XLM markets.
Stellar RWA growth and key issuers
Public data shows rapid scaling:
- Spiko leads with over $1 billion across EU, UK, and US T-bill products (EUTBL, USTBL, UKTBL and related).
- Franklin Templeton’s BENJI fund represents roughly $650 million in on-chain government money market shares.
- Ondo’s USDY tokenized treasury product has grown into hundreds of millions.
- Etherfuse brings international bonds such as CETES (Mexico) and USTRY.
- Centrifuge contributes via vehicles like JTRSY and JAAA, often through institutional partners.
These numbers align with the spokes listed in XOXNO’s mainnet configuration, where each issuer’s assets receive dedicated entries.
Sources
- CryptoBriefing: Stellar network's real-world assets market cap surpasses $3B
- rwa.xyz: Stellar — Spiko $1.2B, Franklin Templeton $604.6M, Ondo $532M, Centrifuge $20.2M, Etherfuse $17.6M
- Stellar.org Q1 2026 update and related reports confirming >$2B then $3B milestone.
RWA on XOXNO: the RWA hub
XOXNO organizes markets under hubs. Hubs.json defines two today:
- Hub 1 “Core” — the shared liquidity for USDC, XLM and other stablecoins.
- Hub 2 “RWA” — separate accounting rows for tokenized assets.
Using HubAssetKey { hub_id, asset } means the same token symbol on different hubs keeps completely separate cash, debt, indexes, and revenue. An RWA on hub 2 never mixes with core liquidity.
Spokes.json then binds user accounts to risk parameters per spoke. Several spokes (Etherfuse, Spiko, Centrifuge, Forex) list RWA assets with:
- can_be_collateral: true
- can_be_borrowed: false
- borrow_cap: "0"
- supply_cap set per spoke (for example, from spokes.json:
"USDY": { "hub_id": 2, ..., "supply_cap": "2330000000000000", "borrow_cap": "0", ... }in the Main, Etherfuse, Spiko, Centrifuge and Forex spokes; USTRY/CETES with their own caps on the Etherfuse spoke)
These values come directly from the deployed config files. They are examples of how risk and caps can be tuned per spoke without touching the core pool.
Governance-gated listings
Per the authoring rules for live products, only USDC and XLM markets are presented as fully operational today. RWA assets in spokes.json carry supply caps and collateral flags, but borrow is disabled. Turning on borrowing, adjusting LTVs, or enabling new spokes requires timelocked governance operations.
This separation keeps the live money market focused while the configuration surface already supports additional assets once governance approves them.
Why isolate RWAs?
RWAs often carry different price behavior, oracle sources, and regulatory profiles than native stablecoins. Putting them on a dedicated hub keeps:
- Accounting isolated (no shared bad-debt socialization across core and RWA)
- Risk parameters tunable per spoke (an RWA spoke can use different liquidation curves per ADR 0012)
- Oracle policy scoped (markets.json records per-asset oracles with tolerance bands)
Users who supply RWAs earn the underlying yield plus any lending interest, subject to the spoke’s supply cap. Because borrow is currently off for these assets, they function more like collateral or a yield-bearing deposit until further listings.
How to explore today
Start with the two assets that are live for full supply and borrow per the current product surface (USDC and XLM). Spokes configs list more assets with borrow flags (EURC etc), but only USDC/XLM are the supported live markets today.
- Supply USDC or XLM on the lending markets.
- Use the swap to move into USDC if needed.
For the broader picture of how different spokes and hubs let the protocol list distinct configs and isolate liquidity, read the next article on hubs and spokes.
The RWA numbers above come from public market data and issuer reports as of mid-2026. Always verify live caps and flags in the protocol before supplying any asset.
