Why it matters
The short version
Section titled “The short version”Stellar holds about $4 billion in tokenized real-world assets: tokens that stand for dollars, government bonds, loans and similar things held off-chain. (Cointelegraph, citing Stellar’s Dune dashboard, 29 August 2026.)
The same source counts roughly $438 million in what the dashboard calls “reserve-verified” stablecoins issued on Stellar. What “reserve-verified” means there isn’t published; see stack status §6.
Lending markets on Stellar accept only a small part of that as collateral. The Blend pools that take these assets held “just above $2M” in August 2026 (RedStone, 26 August 2026).
Price and NAV oracles already exist on Stellar. What’s missing is verifiable backing: a lender’s risk team can’t keep watching it, and no contract can see it. A lending market listing an RWA has no on-chain signal for “the issuer stopped reporting”, “reserves fell below supply” or “only the issuer vouches for this”.
What issuers publish today
Section titled “What issuers publish today”Stellar has a standard file, stellar.toml, where an issuer describes its
tokens. It has an optional field, attestation_of_reserve, for a link
to proof of reserves. Leaving it out is allowed and is not a fault.
Assay’s first census, on 12 October 2026, looked at every asset on Stellar’s main network and narrowed them down to the ones worth checking:
| Step | Assets |
|---|---|
Have an issuer website where a stellar.toml can be looked up |
274,439 |
| Listed in that file under their own code and issuer | 110,754 |
| Say they are backed by something off the blockchain | 23,162 |
| Checked by Assay (at least 50 holders with a balance, or a reserve link on the issuer’s own website) | 270 |
| Publish a reserve link | 41 |
| Link opened a document when checked | 33 |
| Have a report under 35 days old | 0 |
| Have a report a computer can read | 0 |
Source: Census v0 and the board’s method.
So 33 links work, but each opens a PDF or web page a person has to read. No software can tell the report’s date or check its figures, and nothing alerts anyone when a report stops arriving.