Stellar Development Foundation CEO Proposes Tracking Tokenized Assets by Their Use

Stellar Development Foundation CEO Denelle Dixon proposed measuring tokenized assets by activity as well as value, calling for reporting on holdings, transfers, yield access and collateral use.

Her five measures are held, earning, spent, pledged and moved. The proposal calls for showing how widely each asset is held, how much moved in the previous 90 days, what can serve as collateral, what is actually pledged and how much yield reaches people who previously lacked access. The measures would distinguish assets that remain with holders from those that circulate or support borrowing, while adding activity details alongside total value.

A Stellar snapshot dated Oct. 16 put distributed real-world asset value at $3.56 billion, with $642 million in transfer volume during the previous 30 days. The same snapshot showed about $4.2 million posted as lending collateral. It counted 23,706 holder entries under a method that counts an address once for every asset it holds; deduplicating addresses across assets produced a count of 16,755. Holder totals therefore depend partly on the counting method. Because addresses may include infrastructure accounts, neither total necessarily represents individual investors.

An existing RWA data product tracks balances, holders, transfers, trades and collateral use. Its coverage remains incomplete and is strongest for assets with direct onchain ownership claims. Dixon’s proposal does not define shared calculations, data sources, weighting or reporting rules, leaving no common basis for comparing results across assets and networks.

The framework’s scope also needs definition. Dixon excludes stablecoins from the RWA count but uses stablecoin spending as an example of the “spent” measure, with velocity proposed as a separate way to measure stablecoins. MoneyGram announced Sept. 10 a payment card for eligible customers that offers a dollar-pegged balance, cash access and purchases at Visa-accepting merchants. Card user and transaction volumes remain unquantified.

The proposal follows earlier coverage of Stellar’s asset growth and collateral use. It does not establish an industry standard or announce a tracking product.