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...