Tokenized real-world assets on Stellar passed $3 billion in July while the network's DeFi markets held a fraction of that, according to a report published Wednesday by oracle provider RedStone.
Issuance on Stellar is running ahead of the lending markets and collateral pools that would make the assets usable onchain, the same constraint that has held back tokenization on larger networks. The Defiant covered a similar finding in a report on private credit's lead in RWA tokenization.
RedStone put Stellar's RWA supply at about $785 million in January and more than $3 billion in July, against DeFi total value locked of $213 million. Lending protocol Blend held $127 million, of which just over $2 million sat in pools that accept RWAs as collateral, per the report.
Onchain trackers land close to those figures. DefiLlama showed Stellar at $232.72 million in total value locked on Friday, with Blend at $150.03 million.
RedStone credited most of the growth to four products: the Amundi and Spiko Overnight Swap Fund at $713 million, Spiko's T-Bill fund at $536 million, Ondo's USDY at more than $533 million and VuMe Bond 2030 at $500 million. DefiLlama lists Ondo Yield Assets at $533.23 million, matching the report. Spiko's funds run across several chains, and the report's Stellar-only share of them could not be separated from the trackers.
