在2025年导航恒星（XLM）的复杂景观

尽管区块链网络继续作为现实世界中的资产（RWA）枢纽获得吸引力，但对集中化和潜在市场操纵的担忧也在加剧。

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年正在浏览复杂的景观。尽管区块链网络继续作为现实世界中的资产（RWA）枢纽获得吸引力，但对集中化和潜在市场操纵的担忧也在加剧。

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相关价值增长了84％，超过了5亿美元。但是，只有十个钱包控制的XLM供应量中有将近80％，分析师警告说，如果大型持有人移动出售，则有波动风险。

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.

同时，每日钱包的增长和上升的交换余额表明采用了采用，但也有潜在的卖出压力。随着机构产品与恒星和零售参与攀登的融合，投资者在当前的分销模式是否可以支持长期价格稳定性的情况下仍然不触发重大更正。

XLM supply is largely controlled by top wallets

XLM供应主要由顶部钱包控制

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.

在总计309亿个流通量中，排名前10的钱包约有250亿XLM，相当于可用的令牌供应量的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.

这种严重的失衡引发了有关权力下放和网络弹性的疑问。相比之下，据报道，有90％的持有人拥有少于100 XLM，几乎没有影响市场趋势。

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.

这种极端的集中度可能会对XLM的价格稳定性产生严重影响。如果少数持有人要清算大量量，那么市场可能会面临锐利的校正。

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.

根据Stellar Expert的说法，通过上升的交换余额进一步扩大了风险，XLM持有二元公司的持有量，从2023年底的1.8亿增加到到2025年5月的10亿。这种增加表明贸易利息更高，但也有可能增加销售压力的可能性。

RWA tokenisation pushes Stellar adoption

RWA Tokenisation推动了恒星的采用

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.

尽管有供应担忧，但Stellar还是明确介绍了现实世界中资产的象征化 - 该行业正在2025年吸引机构资本和加密本地投资。

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

Stellar目前是RWA市值的第三大协议，仅落后于以太坊和ZKSYNC时代。

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.

富兰克林·邓普顿（Franklin Templeton Onchain）美国政府货币基金等机构级产品，价值4.97亿美元，而Circle的USDC Stablecoin拥有3.45亿美元的Stellar Chain，已帮助将Stellar的RWA总价值提高到超过5亿美元。

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

这是一月份的2.75亿美元，标志着五个月内增长了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.

这种快速增长表明，更传统的金融机构正在将出色的替代品作为代币化资产的替代品。更快的交易和较低的成本仍然是主要的吸引力。

On-chain growth supports the adoption trend

链上增长支持采用趋势

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.

恒星网络还显示出强大的用户群扩展。 Stellar的活跃帐户从2023年的720万增加到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.

这代表每天平均增加约5,000个钱包地址。随着需求在扩大的用户群中的增加，该增长有助于平衡集中持有的影响。

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

这项日常活动表明，不仅仅是投机交易。它表明对Stellar的长期效用，特别是在RWA领域的信心上升。

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.

尽管循环供应的增加通常会引起人们对稀释或倾倒的担忧，但就出色的情况而言，它似乎与旨在加入更多机构和零售用户的故意扩建策略保持一致。

Investors remain split on centralisation risks

投资者在集中化风险方面保持分歧

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.

尽管Stellar的RWA集成和积极的用户增长强调了持续的需求，但与令牌浓度相关的风险却不能忽略。如果顶级持有人或“鲸鱼”选择退出职位，则可能会出现价格冲击。

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，如果网络开发与战略RWA合作伙伴关系继续进行，那么恒星区块链可以在更广泛的加密资产生态系统中保留并发展其利基市场。

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.

尽管Stellar的基本面表现出色，但在网络应对其集中化风险之前，投资者可能会保持谨慎。提高令牌分配，改善治理或引入堆放机制的努力可能有助于减轻未来的波动。