Stellar Protocol 28 activates: network hits 211 TPS, RWA value climbs to $3.3B

By Khal · · 2 min read

Editorial illustration: Rows of white blocks on curved tracks converge toward transparent panels bearing the Stellar symbol and a glowing cyan band. A miniature domed building in a glass cube and silver coin stacks stand beside them.
AI-generated editorial illustration · AI-generated editorial illustration · Published Sep 17, 2026, 7:03 p.m. (Yesterday)

In brief

  • Protocol 28 activated Sept. 17 with three new capability proposals (CAP-85, CAP-86, CAP-83) improving developer tools and consensus.
  • Stellar network achieved record sustained throughput of 211+ transactions per second across 100 consecutive blocks.
  • Stablecoin supply reached $884 million; RWA market cap climbed to $3.3 billion, ranking third-largest blockchain.

Record throughput and infrastructure gains

Stellar achieved a new sustained throughput record of more than 211 transactions per second across 100 consecutive blocks, according to blockchain analysis firm Chainspect. The milestone reflects ongoing infrastructure work. Stellar is gradually enabling parallel transaction-set downloading, meaning the 211-TPS figure represents sustainable performance rather than a theoretical peak.

Developer tools and smart contract improvements

Protocol 28 introduces three new capability proposals aimed at solving real-world problems developers face as applications mature. CAP-85 allows developers to have multiple instances of the same smart contract reference an externally managed executable, streamlining how protocols manage repeated contract instances.

CAP-86 introduces sparse-map functions to accommodate missing or additional fields in contract data structures. This addresses the friction that emerges when live applications need to evolve their data schemas without breaking existing deployments. Adoption of these new features remains optional for existing Soroban applications, letting teams migrate at their own pace.

Consensus layer enhancements

Protocol 28 introduces consensus changes through CAP-83 that allow validators to progress through parts of consensus without waiting for complete transaction sets. The design reduces latency in the validation pipeline, contributing to the higher throughput ceiling.

RWA and stablecoin momentum

Real-world asset activity on Stellar continues to accelerate. Stablecoin supply on Stellar has risen to nearly $884 million over the past year, reflecting growing adoption of tokenized fiat on the network. Stellar's DeFi total value locked reached a record of roughly $319 million in August before easing to about $294 million.

Token Terminal ranks Stellar as the third-largest blockchain by RWA market capitalization at about $3.3 billion, up $149.4 million over the past 30 days. The gains underscore the network's growing relevance in institutional tokenization.

Price action

XLM gained about 4% over the previous 24 hours, reaching $0.1863 before retreating toward $0.18 at press time. The move tracked broader crypto momentum rather than Protocol 28-specific catalysts.

Related stories