The scale of Stellar’s on-chain RWA is approaching $4 billion, and the quadrupling growth is certainly eye-catching. But if you break down the data sources carefully: the catalysts for this kind of growth are often one or two large, compliant assets being moved on-chain—such as institutional tokenization funds or the migration of a major stablecoin issuer—rather than a flood of many small and medium issuers. How to assess the quality of this data: look at the asset categories and the concentration of the issuers. If the incremental amount remains concentrated in a single issuer or a single asset type, then the spillover effect on the broader XLM ecosystem is limited—it’s more like a one-off, event-driven surge. Only if you see multiple independent issuers and different asset categories (such as Treasuries, private credit, and commodities) coming in in a diversified way does it indicate that Stellar’s compliant infrastructure is attracting long-tail supply. At its core, the RWA track today is still a battle for existing market share, and what each chain is competing on is the strength of its compliance framework and institutional partnerships. Stellar’s differentiation lies in the compliance endorsement inherent in its payment network, but the threat that traditional custodians themselves move into tokenization cannot be ignored. Over the next month, what we should focus on tracking is the number of newly added asset categories and issuers.