Stellar的RWA资产在2026年达到35亿美元，缩小与XRP的差距

Disclaimer: Content does not constitute investment advice. Trading involves risks—please invest with caution!

Stellar（XLM）与 Ripple 的 XRP：RWA 领域的双雄竞逐

由前 Ripple 联合创始人 Jed McCaleb 推出的两大知名数字资产——Stellar Lumens (XLM) 和 Ripple 的 XRP，在跨境支付及现实世界资产（RWA）代币化方面提供的分布式账本技术（DLT）解决方案中，正日益凸显其重要性。随着监管框架的不断演进，机构投资者的兴趣显著增长，推动了两条网络取得了重大进展。

RWA 扩展与生态系统对比

目前，Stellar 在现实世界资产代币化方面展现出惊人的增长势头。官方数据显示，截至 2026 年，其链上资产规模已攀升至 35 亿美元，自 2025 年初以来实现了 350% 的增长。这一进展使 Stellar 在迅速扩张的 RWA 领域占据了重要地位。

相比之下，XRP Ledger 上的代币化资产规模约为 25 亿美元。然而，XRP 在代币化美国国债方面取得了卓越的增长，该类资产的市值从约 5000 万美元飙升至 4.185 亿美元，在一年内实现了近 800% 的增长幅度。

指标 Stellar (XLM) XRP Ledger 2026 年代币化 RWA 总资产 35 亿美元 25 亿美元美国国债代币化增长率（年度）无数据 +800% 最大单一产品 BENJI 基金（6.05 亿美元）纳斯达克上市的 XRP 国库基金（5 亿美元）

Stellar 的网络被多家机构投资者用于发行大规模产品。其中最引人注目的贡献者之一是富兰克林邓普顿（Franklin Templeton）的 BENJI 基金，截至 2026 年 10 月，该基金在 Stellar 上持有约 6.05 亿美元。此外，Spiko 向 Stellar 的代币化货币市场资产注入了约 17 亿美元，进一步推动了网络的实用性。

Stellar 的技术框架旨在提供多功能性，支持 5 到 7 秒的快速结算时间，并具备原子级多币种路由、协议原生回滚、冻结和授权等功能。这些特性满足了金融机构的运营需求，使其成为适用于多种用例的灵活平台。

当机构投资者通过 Stellar 购买代币化国库基金时，投资通常流入底层证券，由于交易费用极低，对 XLM 代币价格的影响微乎其微。虽然网络以 XLM 形式收取这些费用，但低廉的成本导致对该资产的需求影响有限。

小词典：交易所交易基金（ETF）——一种在证券交易所交易的受监管投资基金，旨在追踪加密货币、股票或债券等基础资产的价格。在加密领域，ETF 为机构和零售投资者提供了直接接触数字资产的渠道，而无需他们直接持有代币。

In contrast, Ripple, the American fintech company behind XRP, has received more attention in the traditional financial sector. This is evident from the fact that the nine ETFs managed a total of $1.56 billion in assets. This increased visibility is believed to be attracting new investors into the digital asset space.

The influence of institutions and the prospects of RWA

Currently, the total amount of funds invested in or through XRP, driven by ETFs, is roughly equivalent to the RWA product base of Stellar. This week, Evernorth launched its first NASDAQ-listed treasury fund exclusively focused on XRP, generating nearly $500 million in value—a figure that is roughly three times the volume of XLM spot transactions.

Unlike many funds that focus on RWA, these investment tools provide direct exposure to XRP tokens, rather than just tokenized versions of traditional securities. The funds flowing into these ETFs are directly related to fluctuations in XRP prices.

Compared to traditional networks, Stellar’s transaction fees are described as moderate, allowing enterprise users to efficiently handle cross-border payments and asset tokenization, while also ensuring that the XLM coin experiences minimal cost fluctuations. Meanwhile, the model of XLM operates on a fee-based foundation, with fees collected from tokenized funds centered around stablecoins and from those supporting the growing digital asset ecosystem. The rapid expansion of RWA on Stellar is primarily driven by large institutional partnerships and a few leading tokenization projects.

In the field of cross-border payments, XRP still holds a significant market share. However, if Stellar hopes to surpass XRP in terms of market value, its network would need to increase in value by $80 billion in order to break through the current range of $6 billion to $7 billion. Analysts believe that, given Stellar’s current growth trajectory, this represents a huge but not impossible leap forward.