The RWA Foundation puts tokenized real-world asset value at about $39 billion as of October 9, up roughly 81% this year. The figures measure comparable distributed asset value and exclude stablecoins. Stellar accounted for approximately 38% of the increase, while BNB Chain accounted for another 24%. Growth in tokenized assets on Stellar does not automatically mean XLM appreciates. Token Terminal reports that decentralized-exchange trading volume for tokenized assets fell roughly 50% over the past 30 days. RWA.xyz's dashboard shows that BlackRock's BUIDL Institutional Digital Dollar Liquidity Fund had over $600 million in outflows over the same period.