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Stellar Rises to Second Place in Tokenized Funds as Token Terminal Tracks $4.5B
Token Terminal's November 12 data places Stellar behind only Ethereum in tokenized fund value, with Spiko, Franklin Templeton and Ondo driving its expansion.
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Stellar has become the second-largest blockchain for tokenized funds by market capitalization, according to a November 12, 2026 analysis published by onchain data provider Token Terminal. The firm estimates $4.5 billion in tokenized funds on Stellar, up from $675.2 million and eighth place one year earlier. Ethereum remains the largest network by this measure.
The expansion spans several issuers. Token Terminal reports that Spiko’s funds on Stellar reached $2.1 billion, including approximately $1.6 billion in its eurSAFO euro money market fund. Franklin Templeton’s tokenized funds on the network rose to $1.3 billion, with its BENJI product accounting for most of that amount. Ondo’s USDY fund on Stellar reached $538.7 million, compared with about $1 million a year earlier.
These are provider-reported market capitalization estimates for tokenized funds, not measures of secondary-market turnover, investor profits or the value of Stellar’s native token. The mix of institutional cash-management products and Treasury-linked funds illustrates how issuance demand is broadening across different investor groups.
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Key takeaways
- //Token Terminal ranks Stellar second for tokenized funds at $4.5 billion, behind Ethereum.
- //Spiko's Stellar funds reached $2.1 billion, including approximately $1.6 billion in eurSAFO.
- //Franklin Templeton's Stellar fund value reached $1.3 billion; Ondo's USDY reached $538.7 million.
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