Stellar’s tokenized RWAs top $4.1 billion, but almost none of it is put to work in DeFi

Stellar has quietly become one of the busier addresses for tokenized real-world assets. According to a new RedStone report, the network’s RWA market cap climbed past $4.1 billion by the end of Q3 2026.

Only 0.1% of Stellar’s $3.56 billion in RWAs serves as collateral in decentralized finance protocols.

Big growth, small footprint in DeFi

RedStone tracks Stellar’s tokenized asset market rising from about $785 million to over $3 billion by mid-2026.

By the close of Q3 2026, the total had pushed beyond $4.1 billion. That works out to a 36% gain quarter-over-quarter and 548% year-over-year, per the report.

The report pegs the share of RWAs used as DeFi collateral at roughly 0.1%. Stellar’s entire DeFi total value locked sits somewhere between $224 million and $259 million.

Who is issuing on Stellar

A handful of institutional names account for most of the activity. Spiko leads the pack with approximately $1.55 billion in tokenized assets on the network.

Franklin Templeton’s BENJI ecosystem follows at around $546 million. Ondo comes in close behind at roughly $535 million.

Institutional issuers typically tokenize assets for settlement efficiency, distribution, and recordkeeping. Plugging those tokens into permissionless lending markets is a separate decision, with separate risk and compliance questions attached.

The research also points to pricing and liquidity as sticking points. Before a lending protocol accepts an asset as collateral, it needs reliable, timely valuations and enough market depth to liquidate positions if things go sideways.

The rest of the network is busy

In Q3 2026, the network recorded $25.1 billion in stablecoin volume, a 121% jump quarter-over-quarter.

The ecosystem also ranked second globally for monthly active developers during the same period.

Background: the DTCC factor

The Depository Trust & Clearing Corporation plans to connect its tokenization service to Stellar in the first half of 2027.

The integration could potentially enable tokenized US Treasuries and other major financial instruments on the network.

The RedStone report frames the period before DTCC’s arrival as a window. The question is how Stellar’s existing RWAs could be put to productive use before a much larger wave of institutional assets potentially shows up.

What this means

For investors and traders, the research flags both upside and caution. The expected DTCC integration may unlock new liquidity for tokenized Treasuries and ETFs, and could boost confidence in using RWAs as DeFi collateral.

But low utilization today underscores real challenges around asset pricing and liquidity.

The things to watch are straightforward. Look for movement in that 0.1% collateral figure, changes in DeFi TVL beyond the $224 million to $259 million range, and concrete progress on DTCC’s planned 2027 connection.