Stellar achieved major milestones in H2 2025, launching Protocol 23 (Whisk) and Protocol 25 (X-Ray) upgrades with enhanced privacy and performance capabilities. The network secured institutional partnerships including PayPal USD, U.S. Bank stablecoin testing, and Franklin Templeton expansion, while tokenized RWAs grew 172% year-over-year.
H2 2025 marked Stellar's evolution into enterprise-grade financial infrastructure with significant protocol upgrades and institutional adoption. The Whisk (Protocol 23) upgrade introduced parallel transaction processing, unified events, and fee reductions, while X-Ray (Protocol 25) added native zero-knowledge primitives (BN254 and Poseidon) for privacy applications. PayPal USD went live on Stellar in September, U.S. Bank began testing custom stablecoin issuance, and Franklin Templeton expanded its tokenized Treasury fund to European investors. RedSwan brought $100M in tokenized commercial real estate to the network, and tokenized RWAs reached 172% year-over-year growth. The network demonstrated sustained performance with 4.0-4.5 million daily transactions, 10M+ active accounts, and partnerships with major institutions including MoneyGram and Visa/Wirex.
