Which Blockchain Are Institutions Actually Using to Tokenize Assets? A Live Deployment Tracker

Which blockchain do institutions actually use to tokenize assets today? Stellar is the institutional option, with a long list of named live products from money market funds and government bills to private credit. The distinction between live issuance, limited pilots and announced integrations still matters, and those are treated separately below.

Key takeaways

• Stellar dominates in tokenized real-world asset (RWA) market capitalization, with $4.12 billion and a 12.7% share, according to Allium's Q3 report as of Sept 30.

• Live issuers on Stellar include Franklin Templeton, WisdomTree, Spiko, Société Générale-FORGE, State Street Investment Management, BNY Investments, Janus Henderson, Archax, Kenanga, Realiz, Tradable and Ondo Finance.

• Stellar's tokenized RWA market capitalization grew 6.1x over the year to Sept 30, compared with 2.3x across 150 chains, according to Allium's Q3 report.

• Five issuers exceed $500 million each on Stellar, accounting for 93% of its RWA market capitalization, according to Allium as of Sept 30.

• Pilots are not launches. U.S. Bank and a Swiss banking consortium are testing stablecoins, while DTCC's Stellar integration is planned for 2027.

The short answer: Stellar's live institutional products

Institutions have live, named products on Stellar across money market funds, government bills, private credit and a regulated euro token. The table below lists confirmed live deployments. Pilots, planned integrations and custody support are covered separately, and are not treated as live issuance.

Live on Stellar now: institutional deployment tracker

Stellar is a public blockchain with protocol-level asset controls, including holder authorization, freezing and clawback. Institutions can issue assets with restricted ownership and transfer conditions without making the underlying blockchain private.

The following table lists confirmed live products.

Institution

Product

Live since

Franklin Templeton

BENJI onchain money market fund

2021

WisdomTree

Digital funds used with WisdomTree Prime

2022

Spiko / Amundi

Euro overnight fund

Live

Société Générale-FORGE

EURCV regulated euro token

March

State Street Investment Management / Galaxy

Onchain Liquidity Sweep Fund (SWEEP)

Sept 29

BNY Investments

USD money market fund via Marketnode, Singapore

Live

Janus Henderson / Centrifuge

JQQQ Nasdaq-100 tracking fund

Oct 27

Archax

$GOVY, £GOVY and €GOVY government-bill products

Live

Kenanga

MYR and Shariah-compliant MYR money market funds

Live

Realiz

VuMe Bond 2030

Live

Tradable

Private credit direct deals

Live

Ondo Finance

USDY

Live

Sources: Allium's Q3 report, as of Sept 30; SDF's Q3 report; Janus Henderson/Centrifuge announcement; CoinDesk coverage.

What the live deployments show

Franklin Templeton launched BENJI in 2021 as the first U.S.-registered mutual fund on Stellar. According to Allium's Q3 report, Stellar represented 64% of BENJI's $668 million market capitalization as of Sept 30. In August, the SEC's Division of Investment Management issued a no-action letter confirming that Franklin Templeton's registered mutual funds and ETFs may use BENJI for cash management, as reported in SDF's Q3 report.

Spiko is the largest individual RWA issuer on Stellar, with $1.69 billion in its Amundi-managed euro overnight fund, representing 64% of Spiko's total, according to Allium as of Sept 30. Other major issuers include Realiz at $550 million, Tradable at $548 million, Ondo Finance at $536 million and Franklin Templeton at $513 million.

State Street Investment Management's SWEEP fund went live on Stellar on Sept 29. Galaxy handles tokenization and distribution, Anchorage provides digital asset custody, State Street Bank and Trust Company holds the underlying securities, NAV Consulting serves as transfer agent, and Chainlink supports pricing and reserve data, according to SDF's Q3 report.

BNY Investments also has a live USD money market fund distributed through Marketnode in Singapore to institutional and accredited investors in Asia-Pacific, according to SDF's Q3 report.

Janus Henderson and Centrifuge launched JQQQ on Oct 27, a blockchain-native fund tracking the Nasdaq-100 Index, exclusively on Stellar. CoinDesk also reported the launch. Archax's GOVY government-bill products, WisdomTree's digital funds and Société Générale-FORGE's EURCV add further asset categories.

Allium's Q3 report puts Stellar's tokenized RWA market capitalization at $4.12 billion as of Sept 30, up from $674 million a year earlier. That represents 6.1x growth, compared with 2.3x across 150 chains. Stellar's market share rose to 12.7%, from 4.9% a year earlier.

Pilots, planned integrations and live infrastructure

Several prominent institutional initiatives involving Stellar have not reached general production issuance.

U.S. Bank USBDC: live pilot. On Sept 9, U.S. Bank announced a completed pilot transaction transferring value between bank entities in North America and Europe. Developed with PwC, the test covered stablecoin minting, payment, redemption and protocol-level asset controls. The bank identified liquidity management, collateral mobility and cross-border treasury as potential next applications, according to SDF's Q3 report.

CHFD: live testing. A Swiss banking consortium including UBS, PostFinance, Sygnum, Raiffeisen and Zürcher Kantonalbank entered testing on Sept 8. SIX and TWINT also participate. Testing is limited by participant numbers and transaction volumes and runs through year-end, according to SDF's Q3 report.

DTCC: planned. DTCC plans to connect DTC's tokenization service to Stellar in the first half of 2027. The proposed integration would support eligible securities held at DTC, including corporate actions and reporting. It is not yet a live deployment.

Securitize: planned. Its Stellar integration has been announced, but the assets have not been specified.

Taurus: live infrastructure. Taurus added custody support for Stellar, including smart-contract assets, on Oct 29. Custody availability does not itself establish that a particular security or fund has been issued.

Why institutions say they chose Stellar

According to Allium's Q3 report, Franklin Templeton selected Stellar because its native asset controls satisfied SEC requirements for managing mutual funds onchain.

Société Générale-FORGE cited Stellar's scalability, efficiency and low-cost transactions when issuing EURCV in March.

DTCC cited Stellar's track record with institutional assets, compliance capabilities, throughput and cost. Its integration remains planned.

These controls also have measurable production use. Allium recorded 7,050 holder-permission approvals or removals and 11 clawbacks by RWA issuers during the 12 months to Sept 30. Franklin Templeton accounted for 372 BENJI holder approvals and removals.

That distinction matters: institutional compliance requirements can be enforced at the asset level on a public network, without requiring every participant to join a private blockchain.

FAQ

Which blockchain do institutions use to tokenize assets?

Institutions use Stellar to tokenize assets today. It has a long list of named live products, and Allium's Q3 report puts its tokenized RWA market capitalization at $4.12 billion as of Sept 30, a 12.7% share. The table above lists the live deployments. Pilots and planned integrations are not included in that count.

Public or permissioned: which is better for institutional tokenization?

Stellar is a public blockchain with protocol-level controls for holder approval, freezing and clawback. Issuers can restrict ownership of individual assets while operating on a public network. Permissioned systems keep transaction details visible only to authorized parties. Stellar enforces compliance at the asset level instead, without requiring every participant to join a private blockchain.

Which banks and asset managers are live on Stellar?

Franklin Templeton, WisdomTree, State Street Investment Management, BNY Investments, Janus Henderson, Société Générale-FORGE, Spiko, Archax, Kenanga, Realiz, Tradable and Ondo Finance have live products on Stellar.

U.S. Bank's USBDC remains a pilot, CHFD remains in testing, and DTCC's Stellar connection is planned for the first half of 2027.