Stellar Holds $3.5B in Tokenized Assets, but XRP Is Still Worth 13 Times More

Stellar has established itself as a significant hub for real-world asset tokenization, reporting approximately $3.5 billion to $4 billion in total holdings as of late 2024. Key institutional drivers include Franklin Templeton’s BENJI fund, which accounts for over $600 million, and Spiko’s money-market products contributing roughly $1.7 billion. Despite this substantial utility, Stellar’s native token XLM maintains a market capitalization of approximately $6.67 billion, significantly trailing XRP’s $84.65 billion valuation. This discrepancy highlights a fundamental market trend where the growth of tokenized assets on a blockchain does not necessarily translate into proportional demand for the network's native cryptocurrency. While institutional investors utilize these chains for issuance, ownership records, and settlement, their capital is primarily directed toward the underlying assets like government securities rather than the native tokens. Conversely, XRP’s higher valuation is driven by distinct investment vehicles, such as spot ETFs and corporate treasury structures, which provide direct exposure to the asset itself. This analysis underscores the decoupling between blockchain infrastructure utility and speculative market pricing in the evolving RWA sector.