Why Stellar Thinks Its $4B Tokenization Milestone Is Just the Beginning

In today's episode of Talking Tokens, Jacquelyn sits down with Raja Chakravorti, Chief Business Officer at the Stellar Development Foundation, to discuss why the next phase of tokenization is about more than simply bringing assets onchain and how Stellar is building infrastructure for a more connected global financial system. Raja breaks down Stellar's growth from roughly $1 billion to $4 billion in tokenized real-world assets since January, why capital efficiency is one of blockchain's biggest potential unlocks, and what needs to happen after an asset is tokenized for it to become genuinely useful. They discuss Stellar's work with DTCC, Franklin Templeton, WisdomTree and MoneyGram, the arrival of Tether's USD₮0 on Stellar, and why stablecoins have found product-market fit for global money movement. Raja also explains why distribution and circulation could define the next wave of tokenization, how financial institutions are moving assets onchain, and why better access to financial services remains central to Stellar's mission. Timestamps 00:00 Raja Chakravorti's journey from banking to blockchain 05:17 Why access to financial services matters 08:04 What working at PayPal and Plaid taught Raja about financial infrastructure 10:31 The promise of moving financial assets onchain 11:23 What blockchain can solve for financial markets 13:19 Stellar crossing $4B in tokenized real-world assets 16:43 How big can tokenization get? 18:04 Should everything be tokenized? 18:49 Why DTCC is bringing assets to Stellar 21:54 Why financial institutions are choosing Stellar 24:32 Tether and USD₮0 come to Stellar 25:57 Why stablecoins matter for Stellar 27:49 The next frontier for tokenization 30:14 Building global financial access 32:30 What success looks like for Stellar  New episodes every week  https://open.spotify.com/show/0LOgWxIQ0NnNUD5eXsSuoZ https://podcasts.apple.com/us/podcast/talking-tokens/id1743669141 Follow us  Jacquelyn on X: /jacqmelinek  Talking Tokens on X: /\_talkingtokens  Talking Tokens on Instagram: /\_talkingtokens  Follow Raja Chakravorti https://x.com/rajachak75 https://www.linkedin.com/in/rajachakravorti Today’s episode is sponsored by Anchorage Digital, America's first federally chartered digital asset bank and provider of regulated stablecoin issuance. To find out more, visit anchorage.com