Stellar-based tokenized real-world assets surpassed $3 billion in July, while the network’s total value locked was only $213 million, according to a report released by oracle provider RedStone. According to ChainCatcher, the report said RWA issuance is growing much faster than lending markets and collateral pools, creating a bottleneck for on-chain asset usage.

RedStone attributed most of the growth to four products: Amundi and Spiko’s overnight fund at $713 million, Spiko’s Treasury fund at $536 million, Ondo’s USDY at more than $533 million, and VuMe Bond 2030 at $500 million. DefiLlama data showed Stellar’s TVL at $232.72 million, with the Blend lending protocol holding $150.03 million, while pools that accept RWA as collateral held only about $2 million.

The report said traditional Treasury, credit fund, and money market fund settlement times do not match the instant liquidation needs of on-chain lending, and that 24/7 price oracles are key to making RWA usable as collateral. Stellar has already integrated 55 SEP-40 price feeds from RedStone, covering Treasuries, corporate credit, tokenized gold, and money market funds. The report also said the Depository Trust and Clearing Corporation plans to bring custodial assets to Stellar in 2027, with those assets totaling $114 trillion.