Almost all RWA liquidity inside Stellar is shared between four of the biggest platforms. The undisputed leader remains Spiko, holding about half of the market there with $2 billion in tokenized funds. Second comes Franklin with its flagship fund, while the BlackRock-backed Ondo and Realiz split the remainder, commanding about half a billion dollars each.
Numbers that Ripple fans won’t like
The presence of Franklin Templeton on the $XRP Ledger is still limited to just the sgBENJI fund worth $200 million. For Stellar it’s not only 10-fold dominance in unique RWA-tokens holders, but also hundreds of millions in monthly volume of asset distribution against just $22 million for XRPL.
Sudden overnight jump worth $200 million by BENJI on Stellar managed to amaze even the market veterans. Representatives of RWA-platform ZeusRWA confirmed that the liquidity injection came at the buzzer:
«Franklin Templeton decided to add another hundred million just as we were about to publish…», researchers noted in comments to the report release.
The most striking demonstration of the gap between Stellar and XRPL is in the stablecoin segment. Amid similar numbers in how many of them are on both of the chains, ‘digital dollars’ on the $XLM-linked chain are more used in commercial payments where their monthly transit volume hit $20.48 billion. On XRPL the same metric is at $9 million, which proves that they are simply held on balance without real usage in the ecosystem’s payment tunnels.
The spike in Stellar dynamics in the second half of 2026 is backed by successful integrations inside the industry. Chainlink’s price oracle has been locked in, while a key long-term factor is guaranteed by a joint venture with the US central repository DTCC which is expected to be the direct release of traditional financial vehicles into on-chain space by the first half of 2027.
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