"Stella, the leader of the physical asset tokenization ecosystem"... Messari Research follows the results of 2025

The global crypto assets research firm Messari recently highlighted the significant achievements of the Stellar Network as a blockchain-based asset platform in its report. According to the report, the Stellar Network demonstrates strong competitive advantages in the on-chain issuance of regulated assets, yield-generating tokenized assets, and DeFi composability, rising to become one of the major protocols.

The report shows that the total scale of physical assets (excluding stablecoins) issued on the Stellar network will reach $533.3 million by September 2025, a growth of approximately 25% compared to the previous year. Among them, Franklin Templeton's BENJI accounts for over 93% of the total physical assets, establishing an absolute dominant position, while various U.S. Treasury Token offerings from WisdomTree continue to be issued. Messari's research evaluates that based on this data and these cases, the Stellar network has become “one of the most advanced ecosystems” in on-chain management of physical assets.

At the Stellar Consensus Conference held in Rio de Janeiro, Brazil in September 2025, the Stellar Development Foundation announced that the total scale of available physical assets on the network has surpassed $3 billion. This is thanks to several issuers, including Ondo Finance, RedSwan, and Mercado Bitcoin, successively issuing tokenized U.S. Treasury bonds, real estate, stocks, and bonds on the Stellar network. Notably, Messari's research analysis indicates that Stellar currently ranks sixth in the blockchain physical asset issuance scale across the network, with its strict compliance with regulatory requirements being a key factor in attracting institutional demand.

The technical foundation of XLM is also worth paying attention to. The Soroban smart contract platform, XLM asset contract standards, multi-signature and permission control functions, as well as cross-chain transfer technology based on LayerZero combine to provide flexible tools for asset issuers and users. This effectively expands the composability of real assets, allowing income-generating securities to interact with DeFi protocols.

In the DeFi field, XLM is expanding its ecological boundaries through applications such as the decentralized lending platform Blend, the DeFi yield aggregator DeFindex, and the decentralized exchange Aquarius. Especially, the U.S. Treasury bonds and CLO tokens issued through Centrifuge's deRWA standard can be freely transferred and interact directly with DeFi, greatly enhancing the on-chain utilization of physical assets.

The growth of asset issuance outside the United States also highlights the expansion trend of the Stellar network. Etherfuse issues tokens based on government bonds from countries such as Mexico and Brazil on the Stellar network, and traditional asset platforms like Archax are also participating, preparing asset management products for the European market. As these issuers integrate with European regulatory-approved infrastructure providers such as Akas, Cashlink, 21X, and Bitbond into the Stellar ecosystem, the possibility of institutional investors entering the market continues to expand.

Messari's research suggests that the core elements driving the future competitiveness of XLM include: ultra-low fee structures, highly scalable application ecosystems, and a diversified range of income-generating assets. These traits are attractive to both institutional and retail investors seeking exposure to real assets, and may serve as a catalyst to challenge existing leading public chains such as Ethereum and Solana.

Messari's research emphasizes in its report that the Stellar network is surpassing the positioning of a purely payment-based Blockchain and is building a new type of physical asset hub at the intersection of global capital markets and digital assets. This transformation is seen as further evidence that Blockchain technology can fundamentally restructure the structural issues of the traditional financial system.