Our next guest just wrapped up his panel here at Consensus 2025 called the next evolution of RWA's usability, utility, and adoption.

Stellar Development Foundation's chief business officer, Raja Chakravardi, joins me now.

Raja, Stellar, sees $3 billion worth of real-world assets coming on chain.

How is Stellar going to seize that opportunity?

Yeah, it's been quite a journey for us.

I think when you look at it from the outside, the growth has been really

tremendous in many ways. So if I think about stable coin growth overall, we've seen, I think,

the total number of stable coins that are in circulation today at about 240 billion, give or

take. But what we've seen that's really exciting is the actual movement of those assets.

So stable coins have transacted, I think it was $27 trillion of volume last year, which is more than the combined value of both Visa and MasterCard,

which is phenomenal to think about, $27 billion, sorry, and which is phenomenal to think about, 27 billion, sorry, and which is phenomenal to think about

because it actually means that there is a lot of use case for this.

And at Stellar, one of the things we are really proud of is our work in helping facilitate

kind of this global commerce mechanism.

And that's been really exciting.

But beyond that, and something that's been really prevalent at this conference has been

talk about real-world assets.

And for us, asset tokenization is really that next level in a really foundational way.

The first assets that were tokenized were dollar-backed, you know, kind of dollars and digital

dollars.

But we've now started to see this mass proliferation of focus on tokenizing other financial assets

like money market funds and a lot of interest in incremental assets.

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