Stellar
The Stellar (XLM) network reached a new all-time transaction throughput record of 217.4 transactions per second (TPS) on September 26, according to blockchain analytics tracker Chainspect. The milestone, measured across a 100-block window, surpassed the previous peak of approximately 211 TPS, which had been recorded less than two weeks earlier.
The supplied report attributes the increase to network upgrades and activity associated with institutional real-world asset (RWA) operations. Stellar’s Protocol 28, also known as the Adapter upgrade, was activated in mid-September. According to the report, the upgrade allows validators to begin voting before an entire batch of transactions has been delivered, reducing delays during periods of high demand. An update to the Soroban smart contract platform also improved the handling of large data sets.
Stellar’s growing role in tokenized assets provides additional context for the throughput record. As of September 27, the network ranked fourth globally by RWA value, with approximately $3.38 billion, behind Ethereum at $16.54 billion, BNB Chain at $5.67 billion, and Solana at $4.35 billion.
Despite its smaller number of active RWA projects, Stellar has a comparatively high average value per project. The network hosts 72 active projects, equivalent to approximately $47 million in RWA value per project. The corresponding averages cited in the report are $5.7 million for Ethereum and $1.4 million for Solana. These figures suggest that Stellar’s tokenized-asset activity is concentrated in a relatively small number of large projects.
Major holdings include the Spiko Amundi Overnight Swap Fund (EUR), valued at approximately $1.16 billion, representing more than one-third of Stellar’s total RWA value. Ondo U.S. Dollar Yield (USDY) accounts for approximately $536 million, while Franklin Templeton’s tokenized BENJI bonds represent another $431 million. The report identifies issuance, redemption, and ongoing yield-accrual operations involving these products as contributors to network activity.
Stablecoin transfers provide another measure of Stellar’s usage. Although the network’s stablecoin market capitalization stands at approximately $437.73 million, monthly transfer volume reaches $9.44 billion, according to the supplied figures. This level of turnover points to substantial transaction activity relative to the value of stablecoins held on the network, including activity associated with cross-border payments.
Chainspect data cited in the report puts Stellar’s typical real-time throughput at approximately 120–180 TPS, compared with roughly 20 TPS for Ethereum. The new peak remains below the higher throughput figures reported for Solana and Aptos, which exceed 11,000 TPS. Stellar’s theoretical capacity is estimated at 3,351 TPS, meaning its recorded peak remains well below that ceiling.
Rather than competing solely on maximum throughput, Stellar emphasizes low transaction costs and rapid settlement. The report cites fees of approximately $0.0001 per transaction and settlement finality of around five seconds, characteristics relevant to financial institutions processing tokenized assets and payments.
The record demonstrates increased processing activity, but throughput alone does not establish the scale of new capital inflows or guarantee sustained adoption. Going forward, the key indicators will be whether Stellar maintains elevated transaction volumes, attracts additional institutional RWA projects, and converts its technical capacity into continued real-world usage.
Solana
