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Stellar is now the second largest chain for tokenized funds, with $4.5b in market cap, behind only Ethereum. A year ago, it ranked eighth, with only $675.2m.
The growth did not come from one issuer. Spiko, Franklin Templeton, and Ondo each added more than $500m in market cap on Stellar in a year, with funds built for different investors:
Spiko's eurSAFO: a tokenized euro money market fund for companies and institutions, issued by Spiko and managed by Amundi
Franklin Templeton’s BENJI: a tokenized U.S. T-bill fund for U.S. investors
Ondo's USDY: a tokenized U.S. T-bill fund for non-U.S. investors
Using Token Terminal data, this newsletter looks at how each one grew on Stellar.
1) Spiko
Spiko's tokenized funds on Stellar grew 70.2x in a year to $2.1b in market cap, making Stellar its largest chain. Most of the growth came from eurSAFO, a tokenized euro money market fund for companies and institutions, issued by Spiko and managed by Amundi, Europe's largest asset manager. It launched in March and now holds $1.6b on Stellar. Spiko is now the largest issuer of tokenized funds on Stellar.
2) Franklin Templeton
Franklin Templeton’s tokenized funds on Stellar grew 2.3x in a month to a record $1.3b in market cap. Almost all of it is BENJI, its tokenized U.S. T-bill fund for U.S. investors, which grew from $470.0m to $1.2b on Stellar in a month. BENJI first launched on Stellar, and after a year of little change, it more than doubled there in a month.
3) Ondo
Ondo's tokenized fund on Stellar grew from $1.0m to $538.7m in market cap in a year. That fund is USDY, a tokenized U.S. T-bill fund open to non-U.S. individuals and institutions. Across all chains, USDY is the largest tokenized U.S. T-bill fund, with $2.4b in market cap, and the second largest tokenized fund overall. Most of it arrived on May 29, when USDY on Stellar grew by $398.8m while its number of onchain holders rose by just three. No other chain's USDY fell that day, so this was new supply, most likely held by a few large investors. Stellar is now Ondo's second largest chain for tokenized funds, behind only Ethereum.
With growth diversified across tokenized funds serving different investors, Stellar's rise does not depend on any single asset or issuer.
Token Terminal tracks tokenized funds on Stellar and 35 other chains. To follow tokenized funds on Stellar by issuer, market cap, and other standardized metrics, start here.
Tokenized assets
Since 5 November, Token Terminal has listed 397 tokenized assets from 35 issuers, worth $3.3 billion in circulating asset market cap:
Listed 129 funds by Ceres Securitizadora, Reach Capital, Vert Capital, and Apex Group on the XRP Ledger. Tokenized funds, referencing credit, mutual and VC/PE funds, with $1.9 billion in market cap.
Listed 197 credit funds by Mercado Bitcoin on Rootstock, the XRP Ledger, Stellar and Ethereum. Tokenized funds, referencing credit funds, with $96.2 million in market cap, $49.1 million of it on Rootstock.
Listed townREIT and trwaUSDi by TownSquare on Base, Robinhood Chain, Monad and Arbitrum. Tokenized funds, referencing real estate and credit funds, with $279.0 million in market cap.
Listed thUSD by Theo on Ethereum. Stablecoins, referencing the U.S. dollar, with $42.2 million in market cap.
Listed SISF by Anemoy on Ethereum. Tokenized funds, referencing a credit fund (Schroder ISF Emerging Market Bond Fund), with $0.2 million in market cap.
Listed 26 ETF dShares by Dinari on Arbitrum and Base. Tokenized stocks, referencing U.S.-listed ETFs, with $0.3 million in market cap.
Listed AZG and AZS by Arizore on Ethereum. Tokenized commodities, referencing gold and silver, with $158.9 million in market cap.
Listed 6 funds by Asseto on Ethereum and the XRP Ledger. Tokenized funds, referencing credit, VC/PE and yield strategy funds, with $291.1 million in market cap.
Listed CARRY and primeUSD by Vault Street on Ethereum. Tokenized funds, referencing yield strategies, with $7.0 million in market cap.
Interested in getting listed? Read more here.
Most projects with liquid tokens do not provide regular, standardized reporting to their stakeholders. Token Terminal's reporting initiative exists to close this gap, giving investors the data to evaluate onchain businesses on fundamentals rather than narratives alone.
As part of its Data Partnership with Aave Labs, Token Terminal publishes monthly, data-driven reports on Aave’s onchain fundamentals. Each report includes granular breakdowns of different metrics and features qualitative commentary from the Aave Labs team.
Featured report: Aave October 2026
If you're evaluating how to formalize your project's data and reporting strategy, get in touch.
Understanding Onchain Vaults
Blockstories and Steakhouse Financial published Understanding Onchain Vaults, a 30-page report exploring how vaults became one of the fastest-growing segments of onchain finance, with Token Terminal as the onchain data partner.
As onchain datasets grow in scale and complexity, extracting the most relevant, high-impact insights is becoming more demanding. In response, we recently launched Token Terminal Research, a dedicated service where our research team helps customers work through their most difficult onchain data questions.
Hybrid Finance Q3 2026
CoinShares (Nasdaq: CSHR), the leading European asset manager specializing in digital assets, has published its Hybrid Finance Q3 2026 report in collaboration with Token Terminal.
The report covers tokenized stocks, the fastest-growing sector within what CoinShares calls Hybrid Finance: the idea that finance is being rewired at the intersection of blockchains, DeFi, and tokenization.
If you need support turning onchain data into actionable insights, get in touch.
The authors of this content, or members, affiliates, or stakeholders of Token Terminal may be participating or are invested in protocols or tokens mentioned herein. The foregoing statement acts as a disclosure of potential conflicts of interest and is not a recommendation to purchase or invest in any token or participate in any protocol. Token Terminal does not recommend any particular course of action in relation to any token or protocol. The content herein is meant purely for educational and informational purposes only, and should not be relied upon as financial, investment, legal, tax or any other professional or other advice. None of the content and information herein is presented to induce or to attempt to induce any reader or other person to buy, sell or hold any token or participate in any protocol or enter into, or offer to enter into, any agreement for or with a view to buying or selling any token or participating in any protocol. Statements made herein (including statements of opinion, if any) are wholly generic and not tailored to take into account the personal needs and unique circumstances of any reader or any other person. Readers are strongly urged to exercise caution and have regard to their own personal needs and circumstances before making any decision to buy or sell any token or participate in any protocol. Observations and views expressed herein may be changed by Token Terminal at any time without notice. Token Terminal accepts no liability whatsoever for any losses or liabilities arising from the use of or reliance on any of this content.
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