RWA Tokenization Infrastructure Landscape: Which Platform—Stellar, Ethereum, Ondo, or Canton—Will Become the Ultimate Settlement Layer?

In May 2026, the Depository Trust & Clearing Corporation (DTCC) in the United States officially announced that its subsidiary, the Depository Trust Company (DTC), would integrate tokenization services with the Stellar public blockchain. DTC’s tokenized assets are expected to become available on the Stellar network in the first half of 2027.

What makes this partnership unique isn’t just the parties involved—DTCC processes approximately $114 trillion in securities transactions annually and manages over $90 trillion in custodial assets, serving as the "backbone" of global capital markets—but also the underlying network it has chosen.

Market attention has focused on several key questions: Why didn’t DTCC choose Ethereum? What roles do Stellar, Canton, and Ondo play in the real-world asset (RWA) tokenization landscape? As tokenized securities accelerate toward mainstream adoption in 2026, which platform is best positioned to become the institutional-grade settlement infrastructure layer?

Why Did DTCC Choose Stellar?

Key Infrastructure Considerations

In DTCC’s announcement of its partnership with Stellar, Nadine Chakar, Head of Digital Assets, highlighted Stellar’s compliance framework, scalability, transaction throughput, and cost efficiency as core reasons for the decision.

The logic behind this choice is clear. This isn’t DTCC’s first foray into blockchain. In December 2025, the SEC issued a no-action letter to DTC, approving its provision of RWA tokenization services in a controlled environment. The authorization covers Russell 1000 index constituents, major index ETFs, and U.S. Treasuries, among other asset classes, and is valid for three years.

With regulatory approval in hand, DTCC needed to select a blockchain network to support the issuance and settlement of tokenized securities. The decision can be analyzed from several perspectives:

First, institutional-grade infrastructure. Since its launch in 2014, the Stellar network has been designed for cross-border payments and asset issuance scenarios, not for general-purpose smart contracts or decentralized applications. According to DTCC’s public statements, DTC’s tokenized assets will maintain the same investor protections and safeguards as traditional securities.

Second, built-in compliance features. Stellar’s network architecture natively integrates asset control functions, allowing issuers to finely tune transfer permissions for tokens. This is especially valuable for regulated securities that require strict KYC/AML and investor eligibility enforcement. According to Denelle Dixon, CEO of the Stellar Development Foundation, Stellar has maintained 99.99.99% uptime, processes billions of transactions each quarter, and has compliance modules directly embedded in its network architecture.

Third, scalability for high-volume transactions. DTCC processes millions of dividend payments and securities settlements daily, demanding high throughput. The Stellar blockchain typically handles 1,000–2,000 transactions per second, with transaction costs around $0.00001 each—more than sufficient to meet DTCC’s scale requirements.

Fourth, a multi-chain strategy. Frank La Salla, DTCC President and CEO, made it clear that integrating Stellar is part of DTCC’s push for "open, interoperable digital infrastructure" and represents a component of its multi-chain strategy. This means Stellar isn’t necessarily the exclusive blockchain of choice, but rather one of the first networks integrated into DTCC’s multi-chain framework.

The Catalytic Role of the SEC’s No-Action Letter

The SEC’s no-action letter issued in December 2025 was a prerequisite for DTCC’s tokenization pilot and a critical regulatory foundation for tokenized securities to go live in 2026–2027. This regulatory signal directly addressed Wall Street’s long-standing question: Are tokenized securities legal under current law? The SEC made it clear that DTC’s tokenized assets will enjoy the same investor protections, rights, and safeguards as traditional securities, clearing a major regulatory hurdle for future tokenized securities ETFs and similar products.

According to DTCC’s public roadmap, the tokenized securities platform will begin pilot operations in July 2026, with a full launch scheduled for October.

Mapping the Four Major Infrastructure Tracks

This section analyzes the main players through four dimensions: settlement execution capabilities, compliance and regulatory oversight, interoperability, and ecosystem fit.

Stellar: The Compliance Benchmark for Financial-Grade Settlement

Core Positioning: Public blockchain for issuance and settlement of regulated securities

Stellar stands out for its native compliance framework. Unlike general-purpose public blockchains, Stellar’s infrastructure was designed from the outset with compliance features essential for financial use cases, such as asset controls and account permission management.

Technical Architecture: Stellar’s core ledger uses the Stellar Consensus Protocol (SCP), which differs fundamentally from PoW or PoS. SCP is based on the Federated Byzantine Agreement (FBA), where a set of trusted validator nodes confirm transactions. This eliminates the need for network-wide competitive validation, resulting in controllable transaction speeds and energy consumption.

Soroban Smart Contract Platform: Soroban, Stellar’s smart contract platform, launched in 2024 and is built in Rust. It brings programmability while maintaining native transaction speed. Soroban is an incremental feature layered onto Stellar’s existing ledger, not a replacement for its core transaction system.

X-Ray Privacy Upgrade (Protocol 25): In January 2026, Stellar deployed the X-Ray protocol upgrade on mainnet, enabling zero-knowledge proof capabilities for Soroban smart contracts. This allows institutions to configure "auditable privacy"—meeting compliance requirements without disclosing transaction details, a valuable feature in institutional settings.

RWA Ecosystem Data: As of April 2026, Stellar’s RWA market size (excluding stablecoins) surpassed $2 billion on April 11. Soroban’s TVL reached a record $235 million by April 30, primarily driven by RWA tokenization demand. Tokenized money market funds from Franklin Templeton, PayPal’s PYUSD stablecoin, and Visa’s low-cost settlement all operate on the Stellar network.

Ethereum: Hub for RWA Ecosystem and Liquidity

Core Positioning: Benchmark layer for diverse asset issuance and deep ecosystem

In terms of market size, Ethereum is currently the most widely used blockchain for RWA tokenization. Industry data shows Ethereum accounts for roughly one-third of the RWA market, with other major shares held by Provenance (~27%), BNB Chain, XRP Ledger, and Solana (each around 6%).

Ethereum’s primary advantage is its comprehensive ecosystem as the world’s largest smart contract platform. The global tokenized real-world asset market has grown to about $65 billion, with Ethereum hosting a significant portion of top-tier asset issuances—including BlackRock’s tokenized funds via Securitize and JPMorgan’s tokenized money market funds.

However, Ethereum’s fluctuating gas fees during network congestion and its relatively weak native compliance features are structural drawbacks for large-scale, regulated securities settlement. This was a key factor in DTCC’s decision to choose Stellar over Ethereum after extensive evaluation.

Canton Network: The "Institutional Bridge" for Privacy and Interoperability

Core Positioning: Institutional infrastructure for cross-chain interoperability and privacy protection

Canton Network’s role in the DTCC ecosystem is distinct from Stellar’s. In April 2026, DTCC announced it would use Canton Network as the underlying infrastructure for its U.S. Treasury tokenization pilot. Canton offers several key features tailored to institutional use:

Asset Segregation and Privacy: Canton’s subnet architecture ensures transaction data between institutions isn’t broadcast to the entire network, but only to necessary parties—an essential feature for regulated financial transactions.

Cross-Chain Interoperability: Canton’s smart contract architecture enables atomic settlement across heterogeneous ledgers, allowing assets to move between different blockchains without relying on centralized bridges.

Existing Institutional Network: DTCC and Euroclear jointly operate Canton Network nodes, and the network already includes top financial institutions such as Goldman Sachs and BNY Mellon.

A key point: Canton and Stellar are not direct competitors but complementary. Canton acts as an "interoperability layer," connecting different blockchains and internal ledgers, while Stellar serves as the "settlement execution layer," handling actual tokenized asset issuance and transfers.

Ondo Finance: The Liquidity Engine for Tokenized Asset Protocols

Core Positioning: Protocol for issuing tokenized U.S. Treasuries and yield-bearing assets

Among the four players, Ondo is unique—it’s not a general-purpose blockchain but a tokenized asset issuance protocol operating on multiple blockchains (including Ethereum, Solana, and others).

As of May 2026, Ondo holds around 60% market share in tokenized equity segments, with approximately $557 million in tokenized assets across 230 asset classes. On Stellar, Ondo’s tokenized yield products account for about $123 million in asset value.

If we compare the RWA tokenization ecosystem to a transportation system, the analogy would be: Ethereum is the "hub where multiple highways intersect," Stellar is the "dedicated express line to institutional stations," Canton connects highways and feeder roads, and Ondo is the "standardized fleet of vehicles" traveling those routes. This coexistence of differentiated roles is the reality of today’s RWA infrastructure landscape.

Comprehensive Infrastructure Map

Note: Ethereum RWA market size is an industry-wide estimate, covering all on-chain tokenized assets, and differs from Stellar’s calculation, which excludes stablecoins. Data is as of Q1–Q2 2026.

Key Timeline and Trend Projections

2025–2027 Tokenized Securities Rollout Roadmap

Based on current disclosures, the following milestones are noteworthy:

• December 2025: The SEC issues a no-action letter to DTCC subsidiary DTC, providing regulatory certainty for tokenized securities.
• May 2026: DTCC officially announces integration with the Stellar network as its settlement infrastructure for tokenized securities.
• July 2026: DTC tokenization services begin pilot operations, with support from over 50 financial institutions.
• October 2026: DTC tokenization services are scheduled to go live.
• First half of 2027: DTC tokenized assets are expected to launch on the Stellar network.

Market Size Projections

Currently, the global market for tokenized real-world assets (RWA) has reached approximately $65 billion, up 44% from $45 billion at the start of 2026. U.S. Treasuries remain the largest segment at about $12.78 billion, followed by commodities (~$5.4 billion) and asset-backed credit (~$3.19 billion).

Industry analysts differ on mid- to long-term market projections. Some research institutions estimate that by 2027, the RWA tokenization market could reach $200 billion or more, driven by greater institutional adoption, clearer regulatory frameworks, and improved infrastructure. Several major economies—including South Korea and Japan—are advancing tokenized securities legislation. South Korea plans to implement its regulatory framework by February 2027, while Japan’s FSA aims to reclassify cryptocurrencies as financial products by fiscal year 2027.

It’s worth noting that Denelle Dixon, DTCC CEO, stated in an interview that tokenized assets will be distributed across multiple public blockchains, not concentrated on a single network. In the future, a few networks with distinct technical advantages will capture most RWA issuance. This suggests that a multi-chain environment will be the norm for tokenized securities infrastructure, not the exception.

Conclusion

Returning to the core question posed in this article: Who will become the ultimate settlement layer for RWA tokenization?

Based on current data and project developments, there is no single answer. Stellar has secured DTCC’s early adoption thanks to its compliance framework and institutional-grade infrastructure. Ethereum, with its unmatched ecosystem depth and liquidity, will continue to support a large share of RWA issuance and trading. Canton, as an interoperability layer, offers unique value in connecting heterogeneous ledgers and internal institutional systems. Ondo, at the protocol layer, focuses on product innovation for tokenized assets.

The competition for the ultimate settlement layer is essentially a race between different network layers: the settlement execution layer (Stellar vs. other public chains), the interoperability layer (Canton vs. cross-chain protocols), and the protocol layer (Ondo vs. other protocols). These are not zero-sum battles; each plays an irreplaceable role in the RWA tokenization ecosystem.

For crypto market participants, the key isn’t to find a "single winner," but to understand the market segments each of these four infrastructure types serves—and use that insight to inform asset allocation and trading strategies. As DTCC—the global financial market infrastructure processing $114 trillion annually and safeguarding over $90 trillion in assets—brings blockchain into its core operations, the distance between the crypto industry and Wall Street has never been closer.