Q1 2025 Quarterly Report: The impact is HERE!

If you’ve been watching what’s happening across the Stellar ecosystem this year, you’ve probably noticed a familiar theme: real-world impact. What can we say…we’re not new to this. From technical roadmaps to product launches to institutional adoption, Q1 was about setting the tone for 2025 and proving that we are serious about our goals.

Here’s a quick snapshot of the network’s performance so far in 2025:

Our North Stars (what’s guiding us)

At SDF, we start every year with a few guiding principles. This is what we’re motivated by all 2025:

• Open participation drives innovation (because closed systems are so Web2)
• Everyday financial services are our priority (not just another DeFi playground)
• Trust enables adoption (revolutionary, we know)
• Results-driven execution (talk is cheap, we are here to ship)

Three growth goals for 2025 (what’s driving us)

We set ambitious goals for 2025, all grounded in adoption and real utility:

1. Top 10 in DeFi by TVL (Defi Llama index)– not as a vanity metric, but as proof of meaningful usage
2. Top 10 in Monthly Active Wallets (Nansen Index) – because usage = value
3. $3B in onchain RWAs issued on Stellar – a 10x leap from 2024

These goals aren’t about checking boxes; it’s about measuring traction towards meaningful success and adoption.

Top 10 in DeFi by TVL

DeFi on Stellar is scaling. Q1 saw:

• Continued top 20 TVL rank among non-EVM chains (via DeFi Llama)
• Launch of CETES and USTRY by Etherfuse - the first DeFi-compatible RWAs on Stellar
• HOT Wallet - a multichain wallet launched via Telegram - bringing in new users with a highly social UX

Top 10 in Monthly Active Wallets

We’re gunning for utility, not novelty… and Q1 delivered signs of real usage:

• Ranked 23rd on the Nansen Monthly Active Address
• Total of 942K active addresses, including 227K new users
• HOT Wallet hit 200K users via browser extension and is now launching mobile
• 5 new wallets integrating MoneyGram ramps, expanding reach to 180+ countries

$3B in onchain RWAs issued on Stellar

We’ve been talking about RWAs for years. As the world catches up, here’s how we’re stacking up in Q1:

• Total RWA supply on Stellar reached $757 million, with $472 million making up the yield-bearing category
• “All-time highs” for USDC supply (stablecoins) and Benji Assets Under Management.
• $3.4B in RWA-related payments moved through the Stellar network; these include payments powering health care, payroll, and humanitarian finance, amongst others.
• Stellar is still #2 globally in tokenized treasuries (right behind Ethereum)

The volume is validating, but the real value comes from what it enables:

• GIZ scaled onchain payroll in Syria, saving over $453K in monthly fees and 500+ admin hours thanks to the Stellar network
• BiGGER disburses over $1M in salaries to workers across South America
• Société Générale-Forge issuing regulated financial instruments onchain
• Ondo’s USDY expanding the footprint for DeFi-native yield instruments

The technical roadmap holding it all together

In Q1, we dropped our 2025 roadmap. Highlights include:

• 5,000 transactions per second with 2.5s block times (yes, really)
• Contract Copilot for faster, safer smart contract development
• CLI upgrades
• One-click mass payouts and enterprise payment flows via the Stellar Disbursement Platform
• And new token standards and everything we’re building is rooted in what developers and institutions have asked us for. And we’re delivering.

What’s to come → Q2, Q3, Q4, Cue Meridian 2025!

This September, the Stellar community heads to Rio for our biggest Meridian yet. It’s undoubtedly the most intentional, fun, and useful blockchain event all year (to this ecosystem anyway). You can expect:

• Builders, policymakers, and industry leaders in one place
• Workshops, deep dives, and real talk on what’s working (and what isn’t)
• A global conversation about the financial infrastructure of tomorrow

Registration opens at the end of May. Mark your calendar.