On September 26, 2026, the Stellar network achieved a new transaction throughput peak of 217.4 TPS. This surge, fueled by the Protocol 28 upgrade, coincides with the platform securing its position as a top-four global leader in real-world asset (RWA) value.
The Protocol 28 upgrade and the 217 .4 TPS milestone
The Stellar network reached this transaction peak following the implementation of the Protocol 28 (Adapter) upgrade, which was officially announced on September 28, 2026. As reported by Chainspect, the technical driver behind this milestone is an accelerated consensus mechanism that allows validators to begin voting before an entire batch of transactions has been delivered. This adjustment effectively eliminates minor delays that previously occurred during periods of peak demand.
While Stellar's 217.4 TPS remains significantly lower than the 11,000 TPS seen on networks like Solana or Aptos, the platform is currently utilizing less than 10% of its 3,351 TPS theoretical capacity. unlike high-throughput chains that prioritize raw speed for retail users, Stellar offers businesses fixed fees of $0.0001 and near-instant settlement finality of approximately 5 seconds.. This stability is specifically engineered to meet the rigorous requirements of the traditional finance sector.
A $47 million average per project vs Ethereum and Solana
Stellar has differentiated itself from Ethereum and Solana by focusing on high-value, low-volume institutional assets. Although the network hosts only 72 active real-world asset (RWA) projects, the average value per project stands at a record $47 million. This contrasts sharply with Ethereum's $5.7 million average and Solana's $1.4 million per project, according to data from rwa.xyz. This strategy suggests that Stellar is positioning itself as a specialized platform for large institutional holdings rather than a hub for mass-market retail speculation.
Spiko Amundi and Franklin Templeton lead the $3.38 billion RWA surge
Large-scale institutional holdings are the primary drivers of Stellar's $3.38 billion in tokenized real-world assets. The Spiko Amundi Overnight Swap Fund (EUR) accounts for $1.16 billion of this value , followed by the Ondo U.S. Dollar Yield (USDY) at $536 million and Franklin Templeton's tokenized BENJI bonds at $431 million. The concurrent yield accrual, issuance, and redemption operations within these specific funds are what push the network's transaction speeds to their current record levels.
The disconnect between $437 million market cap and $9.44 billion stablecoin volume
A significant gap exists between Stellar's $437.73 million market capitalization and its $9.44 billion in monthly stablecoin transfer volume. This high voolume indicates that the Stellar network is being utilized heavily for real-world cross-border payments and liquidity management. Even with a relatively modest market cap,the sheer scale of stablecoin movement suggests that Stellar is functioning as a vital piece of global payment infrastructure.
The risk of a $3.38 billion concentration in few hands
The concentration of $3.38 billion in RWA value among a handful of major players raises questions about the network's long-term resilience. Because a massive portion of the total value is held by a few entities like Spiko Amundi and Ondo, the network's activity is highly sensitive to the specific behaviors of these institutional holders. It remains to be seen whether Stellar can attract a broader base of diverse projects or if it will remain a specialized corridor for a small number of massive funds.
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