Stellar (XLM) pitches onchain FX rail as Q2 volume reaches $2.78 billion

Stellar (XLM) said its network is being used for onchain foreign exchange and currency delivery, highlighting a 24/7 exchange model, second-level settlement and $2.78 billion in onchain trading volume in Q2 2026. The material, published by Stellar on Oct. 28, 2026, frames the network as an exchange-and-fx rail for fintechs, market makers and liquidity providers rather than a conventional payment-only blockchain.

Evidence and context

According to Stellar’s solution page, users can “quote, convert, and deliver” currency in one transaction, with payments routed through the network’s order book or automated market maker pools to whichever offers the better rate. The company says a path payment can send one currency and deliver another in the same atomic transaction, and that if any step fails nothing moves. Stellar also says the network supports 17 stablecoins and nine-plus fiat currencies, and has maintained 99.998% uptime since 2014.

The page also cites specific institutional activity and usage figures. Stellar says Aquarius has handled more than $780 million in cumulative trading volume. It says Franklin Templeton’s BENJI fund has used Stellar’s controls since 2021, and that $605 million of BENJI sat on Stellar as of Oct. 6, 2026, citing rwa.xyz. Stellar describes BENJI as the first U.S.-registered mutual fund to use a public blockchain as its system of record. The page also says Arf has extended more than $830 million in USDC liquidity to payment institutions, with a $16 million starting facility and no reported defaults or late repayments.

Other examples on the page include Circle issuing USDC and EURC on Stellar, EURCV as a euro stablecoin issued under MiCA, and Wirex settling card spend in USDC and EURC on Stellar. Stellar also says it supports freeze and clawback at the network level and can carry Travel Rule data, features it positions as relevant for regulated institutional use.

The broader market data supplied with the material showed XLM trading at $0.1721165 on Oct. 28, 2026, up 2.08% over 24 hours, with a market value of about $6.1 billion. That price data relates to XLM, the network’s native asset, and is distinct from issuer-backed currencies and tokens traded on Stellar.

The source material presents a network used for currency conversion and institutional payment flows, but it does not establish that liquidity is always available for every pair or that every route will deliver a favorable rate. Stellar’s own background documentation notes that protocol support does not guarantee liquidity, and that actual fiat access depends on participating providers and their compliance requirements.