The Stellar Development Foundation (SDF) announced at Consensus Hong Kong that TopNod, a non-custodial wallet, will integrate with the Stellar network. The move is part of SDF’s broader push into Asia — a region where it faces stiff competition from Solana, TON ($1.35 · Live), and XRP ($1.38 · Live) in the payments and tokenization markets.
TopNod’s wallet uses key sharding and Trusted Execution Environment (TEE) technology to eliminate the need for seed phrases. The platform focuses on tokenized real-world assets (RWAs) and stablecoins rather than speculative tokens, though it remains a relatively young project with limited brand recognition outside Web3 circles.
SDF Bets on Emerging Markets
In an exclusive interview with BeInCrypto, Stellar CBO Raja Chakravorti called Asia Pacific “a critical growth driver” and said SDF plans to build out anchor networks in Indonesia, the Philippines, and Vietnam over the coming year.
“We brought employees in the region focused on Singapore first, but we’ve really been focusing on expanding rapidly,” Chakravorti said, adding that more APAC financial institution partnerships would be announced over the next two quarters — though he declined to share specifics.
SDF has also partnered with MarketNode, a Singapore-based tokenization platform, and said it is in discussions with financial institutions about tokenizing money market funds in the region.
The ambition is clear, but execution remains the question. Stellar’s on-chain RWA value crossed $1 billion over the past year, and its DeFi TVL tripled. Yet XLM ($0.16 · Live) has fallen roughly 71% from its 2025 high of $0.52, underperforming both Bitcoin and Ethereum. Daily transaction volumes have held steady, but average transaction values have dropped, suggesting that core payment use cases persist while speculative and high-value capital flows have dried up.
2026: The Distribution Problem
Chakravorti acknowledged that tokenization alone is no longer the differentiator.
“Last year was really about proving that tokenized products can be built at scale. This next year is really going to be about focusing on finding the right distribution outcomes for these assets,” he told BeInCrypto.
This is arguably Stellar’s biggest challenge. Franklin Templeton’s tokenized money market fund remains the network’s flagship RWA product, and US Bank recently announced a stablecoin partnership. But competing chains are moving fast — Solana and Polygon are both founding members of the same Blockchain Payments Consortium (BPC) as Stellar, and networks like Ethereum and Avalanche continue to attract institutional tokenization projects.
Privacy vs. Compliance
Stellar’s recent X-Ray upgrade (Protocol 25) introduced native zero-knowledge cryptography. Chakravorti framed this as an institutional necessity rather than a privacy-maximalist play.
“Privacy elements may encompass send, receive, who is the holder — but importantly, these have to be auditable,” he said. “The privacy may look slightly different depending on who you’re talking to.”
Whether this configurable approach satisfies both regulators and privacy-conscious users in Asia’s diverse regulatory landscape remains to be seen.
What’s Next
SDF confirmed its annual Meridian conference will move to Abu Dhabi in October 2026. The TopNod integration is expected to go live across the Philippines, Singapore, Japan, and other Asian markets, though no specific timeline has been provided.
For Stellar, the formula is familiar: strong infrastructure, growing institutional interest, and a clear narrative. The missing piece — as Chakravorti himself admitted — is distribution at scale.
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