Analyst Flags XLM Valuation Gap, Stellar Hits $4B

Stellar has released a new report from Allium Labs examining institutional activity on its network, showing rapid growth in tokenized real-world assets and stablecoin usage.

The findings arrive as technical analyst ChartNerd noted that XLM “is not priced in” pointing to a disconnect between on-chain institutional progress and the token’s market valuation.

According to the Allium report, Stellar’s tokenized asset market grew 6.1x to $4.12 billion over the 12 months through September 2026, compared with 2.3x growth across the wider market tracked by Allium. This lifted Stellar’s share of all tokenized RWAs from 4.9% to 12.7%.

Four new issuers - Spiko, Realiz, Tradable, and Ondo Finance - each now hold more than $500 million, joining Franklin Templeton among the network’s largest issuers. Spiko alone grew its assets on Stellar to $1.69 billion in under a year.

The network has become particularly dominant in one category: it holds 42% of tokenized non-U.S. government debt ($319 million of $766 million outstanding across blockchains as of September 2026), up from just 0.7% a year earlier.

Spiko’s Euro Treasury-bill fund accounts for the large majority of that total.

Stablecoin supply on Stellar rose 91% to $546 million over the same period. Adjusted stablecoin transfer volume reached $1.95 billion over the 12 months through September 2026, up 22%.

Business-to-business payments made up $1.34 billion of that volume (up 26%) and averaged $383 per transaction, far larger than the $15 average for consumer transfers.

The pattern indicates institutions are using the network for higher-value settlement rather than primarily retail activity.

The report includes examples of how established firms operate on the network. Franklin Templeton uses Stellar’s built-in controls to manage holders of its BENJI fund. MoneyGram enables customers to hold digital dollars and withdraw local cash.

Other participants include Spiko and additional issuers that have scaled quickly after launching on the network. Protocol-native features such as holder approvals have been used at scale, with thousands of such actions recorded over the past year.

ChartNerd’s post that “XLM is not priced in” frames the institutional data against XLM’s current market position. The Allium figures show measurable expansion in tokenized assets, non-U.S. debt market share, and business-oriented stablecoin flows.

Whether these on-chain developments eventually narrow any perceived valuation gap depends on continued issuer growth, sustained payment volume, and broader market conditions.

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