Stellar (XLM) 是什麼？專為跨境支付與資產發行打造、機構級 RWA 快速崛起的老牌公鏈

Stellar（XLM）是一條專為「跨境支付」與「資產發行」設計的 Layer 1 公鏈，由 Jed McCaleb 與 Joyce Kim 於 2014 年共同創立，並由非營利組織 Stellar 發展基金會（SDF）維護。它透過獨創的「Stellar 共識協議（SCP）」達成約 5 秒的快速結算、單筆手續費低至約 0.0007 美元，將穩定幣、法幣代幣與真實世界資產（RWA）視為鏈上「一等公民」，是連接銀行、金流業者與個人的全球支付網路。

Stellar 是一條專為支付與資產發行而生的 Layer 1 公鏈，由 Ripple 共同創辦人 Jed McCaleb 與 Joyce Kim 於 2014 年共同創立，並由非營利的 Stellar 發展基金會（SDF） 維護；其共識協議設計者、史丹佛大學教授 David Mazières 則擔任首席科學家。

與追求「通用型運算」的公鏈不同，Stellar 從底層就把重心放在跨境支付與資產發行上，把法幣擔保與加密資產都視為帳本上的「一等公民」，而非架在通用虛擬機上的合約餘額。原生代幣「流明（Lumen, XLM）」用於支付手續費、作為缺乏直接交易對時的「橋樑資產」，並作為帳戶最低準備金以防止垃圾交易。截至 2026 年，Stellar 已是 USDC、EURC、YLDS、MGUSD 等主流穩定幣的發行網路之一。

Stellar 的核心特色

1. Stellar 共識協議（SCP）：快速、低耗能的聯邦式拜占庭共識

Stellar 採用獨創的 Stellar 共識協議（SCP），屬「聯邦式拜占庭協議（FBA）」。與比特幣的工作量證明或以太坊的權益證明不同，SCP 沒有挖礦、沒有質押、也沒有固定的驗證者集合：每個驗證者自選信任節點組成「法定人數切片（Quorum Slice）」，再透過彼此重疊達成共識。

極快結算： 帳本約每 5 秒關閉一次，交易近乎即時確認。
極低費用： 平均單筆手續費約 0.0007 美元，且不耗費工作量證明的龐大能源。
權衡取捨： SCP 的安全性仰賴「驗證者選擇」這一社群層面，而非純經濟誘因的最終性。

2. 協議層級的資產發行、錨定機構與路徑支付

Stellar 最獨特之處，在於把「資產」與「支付」設計成協議層級的原生功能，而非智能合約餘額：

資產發行： 發行方（如 Circle、Figure、Bridge）只需定義一組「資產代碼＋發行方」，用戶即可像持有 XLM 一樣持有、轉移該資產。
錨定機構（Anchors）： 受監管的法幣出入金通道，可將鏈上資產與當地銀行體系對接，全網已串接逾 50 萬個法幣／加密出入金據點。
路徑支付（Pathfinding）： 一筆交易即可自動找出跨多種資產的最佳兌換路徑——例如將 USDC 直接付成收款方當地的法幣代幣，在單一操作內完成結算。

3. Soroban：基於 Rust 的智能合約平台

Stellar 於 2024 年 2 月透過 Protocol 20 升級，在主網推出智能合約平台 Soroban。它以 Rust 撰寫、編譯為 WebAssembly（Wasm）執行，並能與 Stellar 既有帳戶與資產無縫組合。Soroban 主打效能、永續與安全，鎖定穩定幣可程式化鑄造／銷毀、跨資產自動流動性、DeFi 元件與合規／資金管理整合等場景。

代幣經濟學：固定總量、無通膨的支付燃料

XLM 的代幣經濟相對單純，重點在「支付燃料」而非投機：

固定總量： 2019 年經社群投票銷毀部分供給後，總量固定在約 500 億枚 XLM，且已無通膨增發機制。
代幣用途： XLM 用於支付手續費、作為路徑支付的橋樑資產，以及帳戶最低準備金；它並不用來擔保 Stellar 上的穩定幣（USDC、MGUSD 等各由其發行方以自有儲備 1:1 背書）。
基金會持倉： 截至 2026 年初，SDF 仍管理多個帳戶、合計持有約 170 億枚 XLM，用於生態發展、成長獎勵與流動性等用途。

機構動向：穩定幣與 RWA 雙引擎的爆發

Stellar 近年最鮮明的敘事，是把「合規的機構級金融」搬上鏈：

Protocol 26「Yardstick」升級： 2026 年 5 月 6 日上線，新增受治理的鏈上凍結機制（讓發行方可依法規暫停或限制資產轉移）與 256 位元高精度運算（利於結算機構級金融工具）。
RWA 高速成長： 據 SDF 2026 年第二季報告，Stellar 上的代幣化真實世界資產達 30.5 億美元（單季成長 100%，約為整體 RWA 市場增速的四倍），發行方涵蓋 Centrifuge、Matrixdock 等。
穩定幣創新高： 第二季穩定幣轉帳量達 114 億美元 的歷史新高，網路日均約 490 萬筆交易；MoneyGram 更於 2026 年 6 月透過 Bridge 發行 MGUSD，串接其約 50 萬個據點的匯款網路。
傳統金融背書： 美國證券結算樞紐 DTCC（存託信託結算公司）已公開表達與 Stellar 相關的合作計畫，成為市場關注的重要信號。

投資 XLM 需留意的市場隱患與重要風險揭露

Stellar 擁有明確的支付定位與亮眼的機構動能，但作為一項資產，投資人進場前仍應理性評估以下風險（以下資訊擷取日期：2026/08/19）：

基金會持倉集中： SDF 仍持有約 170 億枚 XLM（占總量相當比例），其釋出節奏與資金運用對市場流通量與價格有潛在影響，屬於籌碼集中度的長期變數。
價值捕獲與敘事落差： Stellar 上的穩定幣與 RWA 快速成長，但這些活動的手續費以 XLM 計價極低，網路使用量的成長不必然等比反映到 XLM 價格；「使用量」與「幣價」可能出現背離。
共識的社群信任前提： SCP 的安全性建立在驗證者信任關係的正確重疊上，而非純經濟誘因；若節點集合過度集中或信任假設失衡，理論上存在活性（Liveness）中斷風險。
激烈的賽道競爭： RWA 與穩定幣是當前最競爭的戰場，Ethereum、Solana、Polygon、Avalanche 等皆積極搶進機構發行方，Stellar 需持續證明其支付與合規優勢。

Stellar 自 2014 年上線以來運行穩健，並以合規、機構友善的產品設計逐步擴大版圖。然而，請投資人交易前務必知悉上述基金會持倉、價值捕獲落差、共識信任前提與市場競爭等風險，理性評估自身的風險承受能力。

總結

Stellar（XLM）是少數從第一天起就專注於「支付與資產發行」的老牌公鏈。從快速低耗能的 SCP 共識、協議層級的資產發行與路徑支付，到 Soroban 智能合約與 Protocol 26 的機構級合規功能，Stellar 正把握穩定幣與 RWA 兩大浪潮，鞏固其「全球金流結算層」的定位。其穩健技術與明確的機構敘事使它在支付賽道中獨具優勢；但網路使用量能否轉化為 XLM 的長期價值，仍需時間檢驗。在配置這類資產時，建議密切關注 Stellar 的 RWA 與穩定幣成長、DTCC 等機構合作進展，以及基金會的代幣釋出節奏。

參考資料與官方連結

Stellar 官方網站： Stellar Official Website
Stellar 開發者文件： Stellar Developer Docs
Stellar 發展基金會（SDF）： Stellar Development Foundation
XLM 代幣市場數據（CoinMarketCap）： XLM Market Data & Tokenomics

立即在 MaiCoin 買賣 XLM： https://www.maicoin.com/market/XLM

(註：以上內容僅供參考，投資虛擬資產具有風險，請投資人評估自身風險承受能力。)

What Is Stellar (XLM)? A Veteran Layer-1 Built for Cross-Border Payments and Asset Issuance, With Institutional RWAs Surging

Stellar (XLM) is a Layer-1 blockchain designed for “cross-border payments” and “asset issuance,” co-founded in 2014 by Jed McCaleb and Joyce Kim and stewarded by the non-profit Stellar Development Foundation (SDF). Through its proprietary “Stellar Consensus Protocol (SCP),” it achieves ~5-second settlement and transaction fees as low as ~$0.0007, treating stablecoins, fiat-backed tokens, and real-world assets (RWAs) as first-class citizens on the ledger—making it a global payments network connecting banks, payment providers, and individuals.

Stellar is a Layer-1 blockchain built for payments and asset issuance, co-founded in 2014 by Ripple co-founder Jed McCaleb and Joyce Kim, and maintained by the non-profit Stellar Development Foundation (SDF); its consensus protocol designer, Stanford professor David Mazières, serves as chief scientist.

Unlike chains pursuing “general-purpose computation,” Stellar focuses from the ground up on cross-border payments and asset issuance—treating both fiat-backed and crypto assets as “first-class citizens” on the ledger rather than contract balances bolted onto a general-purpose VM. The native token, “Lumen (XLM),” is used to pay fees, serve as a “bridge asset” when two assets share no direct market, and meet minimum account reserves that protect the ledger from spam. As of 2026, Stellar is one of the issuance networks for major stablecoins including USDC, EURC, YLDS, and MGUSD.

Core Features of Stellar

1. Stellar Consensus Protocol (SCP): Fast, Low-Energy Federated Byzantine Agreement

Stellar uses its proprietary Stellar Consensus Protocol (SCP), a form of “Federated Byzantine Agreement (FBA).” Unlike Bitcoin’s Proof of Work or Ethereum’s Proof of Stake, SCP has no mining, no staking, and no fixed validator set: each validator chooses which nodes it trusts to form a “quorum slice,” and consensus emerges through the overlap of those slices.

Fast Settlement: Ledgers close roughly every 5 seconds, with near-instant transaction confirmation.
Ultra-Low Fees: Average transaction fees are around $0.0007, without the massive energy cost of Proof of Work.
Trade-Off: SCP’s security relies on the social layer of validator selection rather than purely economic finality.

2. Protocol-Level Asset Issuance, Anchors, and Path Payments

Stellar’s most distinctive feature is that “assets” and “payments” are designed as protocol-level primitives rather than smart-contract balances:

Asset Issuance: Issuers (like Circle, Figure, Bridge) simply define an “asset code + issuer” pair, and users can hold and transfer it just like they hold XLM.
Anchors: Regulated fiat on/off-ramps that connect on-chain assets to local banking systems, with more than 500,000 fiat/crypto on- and off-ramps across the network.
Pathfinding: A single transaction can automatically find the best conversion route across multiple assets—e.g., paying USDC directly into a recipient’s local-currency token, settled in one operation.

3. Soroban: A Rust-Based Smart Contract Platform

Via the Protocol 20 upgrade in February 2024, Stellar launched its smart contract platform Soroban on mainnet. Written in Rust and compiled to WebAssembly (Wasm), it composes seamlessly with Stellar’s existing accounts and assets. Soroban emphasizes performance, sustainability, and security, targeting use cases such as programmable mint/burn for stablecoin issuers, automated cross-asset liquidity, DeFi primitives, and compliance/treasury integrations.

Tokenomics: Fixed Supply, Non-Inflationary Payment Fuel

XLM’s token economics are relatively simple, centered on “payment fuel” rather than speculation:

Fixed Supply: After a community-voted supply burn in 2019, the total is fixed at roughly 50 billion XLM, with no inflationary issuance mechanism.
Token Utility: XLM pays fees, serves as a bridge asset in path payments, and meets minimum account reserves; it is not used to back stablecoins on Stellar (USDC, MGUSD, etc. are each backed 1:1 by their issuers’ own reserves).
Foundation Holdings: As of early 2026, SDF still managed multiple accounts holding roughly 17 billion XLM, used for ecosystem development, growth incentives, and liquidity.

Institutional Momentum: The Twin Engines of Stablecoins and RWAs

Stellar’s clearest narrative in recent years is bringing “compliant, institutional-grade finance” on-chain:

Protocol 26 “Yardstick” Upgrade: Went live on May 6, 2026, adding a governed on-chain freeze mechanism (letting issuers pause or restrict asset transfers per regulatory requirements) and 256-bit high-precision arithmetic (useful for settling institutional-grade financial instruments).
Rapid RWA Growth: Per SDF’s Q2 2026 report, tokenized real-world assets on Stellar reached $3.05 billion (up 100% in a single quarter, roughly four times the broader RWA market’s growth), with issuers including Centrifuge (private credit) and Matrixdock (gold).
Record Stablecoin Volume: Q2 stablecoin transfer volume hit an all-time high of $11.4 billion, with the network averaging ~4.9 million daily transactions; MoneyGram launched MGUSD via Bridge in June 2026, connecting its ~500,000-location remittance network.
Traditional-Finance Endorsement: The DTCC (Depository Trust & Clearing Corporation), the backbone of U.S. securities settlement, has publicly expressed plans involving Stellar—an important signal for the market.

Market Risks and Key Disclosures to Note Before Investing

Stellar has a clear payments positioning and impressive institutional momentum, but as an asset, investors should rationally assess the following risks before entering (information as of: 2026/08/19):

Concentrated Foundation Holdings: SDF still holds roughly 17 billion XLM (a meaningful share of total supply); its release pace and capital deployment have a potential impact on circulating supply and price—a long-term concentration variable.
Value-Capture and Narrative Gap: Stablecoins and RWAs on Stellar are growing rapidly, but fees for this activity are extremely low in XLM terms, so network usage growth does not necessarily translate proportionally to the XLM price; “usage” and “price” can diverge.
Social-Trust Premise of Consensus: SCP’s security rests on the correct overlap of validator trust relationships rather than pure economic incentives; if the node set becomes overly concentrated or trust assumptions break down, there is a theoretical liveness-interruption risk.
Fierce Sector Competition: RWAs and stablecoins are among the most contested battlegrounds today, with Ethereum, Solana, Polygon, and Avalanche all aggressively courting institutional issuers, so Stellar must continually prove the differentiation of its payments and compliance advantages.

Since launching in 2014, Stellar has operated reliably and steadily expanded through compliant, institution-friendly product design. Nonetheless, investors should be fully aware of the risks above—foundation holdings, the value-capture gap, the consensus trust premise, and market competition—and rationally assess their own risk tolerance before trading.

Summary

Stellar (XLM) is one of the few veteran blockchains that has focused on “payments and asset issuance” from day one. From its fast, low-energy SCP consensus, protocol-level asset issuance, and path payments, to Soroban smart contracts and Protocol 26’s institutional-grade compliance features, Stellar is riding the twin waves of stablecoins and RWAs to cement its position as a “global settlement layer for money movement.” Its solid technology and clear institutional narrative give it a distinct edge in the payments sector—but whether network usage can translate into long-term value for XLM remains to be tested over time. When allocating to this kind of asset, we recommend closely monitoring Stellar’s RWA and stablecoin growth, institutional collaborations such as DTCC, and the foundation’s token-release pace.