在2025年導航恆星（XLM）的複雜景觀

儘管區塊鍊網絡繼續作為現實世界中的資產（RWA）樞紐獲得吸引力，但對集中化和潛在市場操縱的擔憂也在加劇。

Stellar (XLM) is navigating a complex landscape in 2025. While the blockchain network continues to gain traction as a real-world asset (RWA) hub, concerns around centralisation and potential market manipulation are also intensifying.

Stellar（XLM）在2025年正在瀏覽複雜的景觀。儘管區塊鍊網絡繼續作為現實世界中的資產（RWA）樞紐獲得吸引力，但對集中化和潛在市場操縱的擔憂也在加劇。

Stellar has recorded an 84% rise in RWA-linked value this year, surpassing $500 million. However, with nearly 80% of XLM supply controlled by just ten wallets, analysts warn of volatility risks if large holders move to sell.

Stellar今年的RWA相關價值增長了84％，超過了5億美元。但是，只有十個錢包控制的XLM供應量中有將近80％，分析師警告說，如果大型持有人移動出售，則有波動風險。

Meanwhile, daily wallet growth and rising exchange balances suggest expanding adoption but also potential sell pressure. As institutional products integrate with Stellar and retail participation climbs, investors remain split on whether the current distribution model can support long-term price stability without triggering major corrections.

同時，每日錢包的增長和上升的交換餘額表明採用了採用，但也有潛在的賣出壓力。隨著機構產品與恆星和零售參與攀登的融合，投資者在當前的分銷模式是否可以支持長期價格穩定性的情況下仍然不觸發重大更正。

XLM supply is largely controlled by top wallets

XLM供應主要由頂部錢包控制

The top 10 wallets hold around 25 billion XLM out of a total of 30.9 billion in circulation, which equates to roughly 80% of the available token supply.

在總計309億個流通量中，排名前10的錢包約有250億XLM，相當於可用的令牌供應量的80％。

This significant imbalance raises questions about decentralisation and network resilience. In contrast, 90% of holders reportedly own fewer than 100 XLM, giving them little to no influence over market trends.

這種嚴重的失衡引發了有關權力下放和網絡彈性的疑問。相比之下，據報導，有90％的持有人擁有少於100 XLM，幾乎沒有影響市場趨勢。

This extreme concentration could have serious implications for XLM’s price stability. If a small number of holders were to liquidate significant volumes, the market could face sharp corrections.

這種極端的集中度可能會對XLM的價格穩定性產生嚴重影響。如果少數持有人要清算大量量，那麼市場可能會面臨銳利的校正。

The risk is further amplified by rising exchange balances, with XLM held on Binance growing from 180 million in late 2023 to 1 billion by May 2025, according to stellar expert. This increase indicates higher trading interest but also the possibility of mounting sell pressure.

根據Stellar Expert的說法，通過上升的交換餘額進一步擴大了風險，XLM持有二元公司的持有量，從2023年底的1.8億增加到到2025年5月的10億。這種增加表明貿易利息更高，但也有可能增加銷售壓力的可能性。

RWA tokenisation pushes Stellar adoption

RWA Tokenisation推動了恆星的採用

Despite supply concerns, Stellar has made clear inroads into the tokenisation of real-world assets — a sector that is drawing institutional capital and crypto-native investment in 2025.

儘管有供應擔憂，但Stellar還是明確介紹了現實世界中資產的象徵化 - 該行業正在2025年吸引機構資本和加密本地投資。

Stellar currently ranks as the third-largest protocol by RWA market capitalisation, trailing only Ethereum and ZKsync Era.

Stellar目前是RWA市值的第三大協議，僅落後於以太坊和ZKSYNC時代。

Institutional-grade products like the Franklin Templeton OnChain US Government Money Fund, valued at $497 million, and Circle’s USDC stablecoin with $345 million on the Stellar chain have helped push the total RWA value on Stellar to over $500 million.

富蘭克林·鄧普頓（Franklin Templeton Onchain）美國政府貨幣基金等機構級產品，價值4.97億美元，而Circle的USDC Stablecoin擁有3.45億美元的Stellar Chain，已幫助將Stellar的RWA總價值提高到超過5億美元。

This is up from $275 million in January, marking an 84% increase within five months.

這是一月份的2.75億美元，標誌著五個月內增長了84％。

Such rapid growth indicates that more traditional financial institutions are considering Stellar as an alternative to Ethereum for tokenized assets. Faster transactions and lower costs remain key attractions.

這種快速增長表明，更傳統的金融機構正在將出色的替代品作為代幣化資產的替代品。更快的交易和較低的成本仍然是主要的吸引力。

On-chain growth supports the adoption trend

鏈上增長支持採用趨勢

The Stellar network has also shown strong user base expansion. Stellar’s active accounts grew from 7.2 million in 2023 to 9.5 million by May 2025.

恆星網絡還顯示出強大的用戶群擴展。 Stellar的活躍帳戶從2023年的720萬增加到2025年5月。

This represents an average addition of about 5,000 wallet addresses daily. The growth helps counterbalance the impact of concentrated holdings as demand rises across a broadening user base.

這代表每天平均增加約5,000個錢包地址。隨著需求在擴大的用戶群中的增加，該增長有助於平衡集中持有的影響。

This daily activity suggests more than speculative trading. It indicates rising confidence in Stellar’s long-term utility, particularly in the RWA sector.

這項日常活動表明，不僅僅是投機交易。它表明對Stellar的長期效用，特別是在RWA領域的信心上升。

While increased circulating supply often raises concerns about dilution or dumping, in Stellar’s case, it appears aligned with deliberate expansion strategies aimed at onboarding more institutional and retail users.

儘管循環供應的增加通常會引起人們對稀釋或傾倒的擔憂，但就出色的情況而言，它似乎與旨在加入更多機構和零售用戶的故意擴建策略保持一致。

Investors remain split on centralisation risks

投資者在集中化風險方面保持分歧

While Stellar’s RWA integrations and active user growth highlight ongoing demand, the risk associated with token concentration cannot be overlooked. If the top holders, or “whales,” choose to exit positions, price shocks are likely.

儘管Stellar的RWA集成和積極的用戶增長強調了持續的需求，但與令牌濃度相關的風險卻不能忽略。如果頂級持有人或“鯨魚”選擇退出職位，則可能會出現價格衝擊。

However, if network development continues alongside strategic RWA partnerships, the Stellar blockchain could retain and grow its niche within the broader crypto asset ecosystem.

但是，如果網絡開發與戰略RWA合作夥伴關係繼續進行，那麼恆星區塊鏈可以在更廣泛的加密資產生態系統中保留並發展其利基市場。

Although Stellar’s fundamentals appear strong, investors are likely to remain cautious until the network addresses its centralisation risks. Efforts to increase token distribution, improve governance, or introduce staking mechanisms may help mitigate future volatility.

儘管Stellar的基本面表現出色，但在網絡應對其集中化風險之前，投資者可能會保持謹慎。提高令牌分配，改善治理或引入堆放機制的努力可能有助於減輕未來的波動。