Stellar has activated Protocol 28, dubbed “Adapter,” on its mainnet following a validator vote held in September. This update introduces significant modifications to the management of Soroban smart contracts, data migration processes, and consensus mechanisms within the Stellar blockchain ecosystem. The protocol’s deployment coincides with substantial growth in tokenized assets and stablecoin activity across the network.
Key features of Protocol 28
Protocol 28 primarily targets developers and infrastructure operators, enabling a more robust and adaptable environment for decentralized applications. The upgrade centers on two main proposals: CAP-85 and CAP-86. CAP-85 enables atomic upgrades for groups of smart contracts, facilitating coordinated version updates for contracts sharing identical logic. This advancement is expected to streamline security patches and maintenance for decentralized financial applications managing a high volume of contracts.
CAP-86 introduces “sparse” functions, which improve the way data migrations are executed within smart contracts. These functions allow contracts to manage cases where data structures are updated with missing or additional fields. The intent is to permit gradual migrations, minimizing disruptions or incompatibilities during updates.
Mini dictionary: Soroban, Stellar’s native smart contract platform, is designed to provide fast and secure on-chain programmable logic for decentralized applications. Soroban aims to combine developer-friendly tools with increased throughput and predictable costs.
Consensus process enhancements and throughput record
The network upgrade also incorporates CAP-83, affecting Stellar’s consensus process by allowing validators to progress through certain stages without having all transaction data immediately available. This approach is designed to enhance network resilience, especially under high transaction loads or during data transmission delays. The protocol’s goal is to ensure smoother operations during peak network activity.
Recent data highlighted by community sources shows Stellar achieved a sustained throughput exceeding 211 transactions per second over 100 consecutive ledgers, marking a new performance milestone for the network.
Stellar’s network surpassed 211 transactions per second across 100 ledgers, although this achievement is attributed to broader infrastructure enhancements rather than the Protocol 28 upgrade alone.
Parallel transaction-set downloading has also expanded capacity and contributed to this record throughput. Protocol 28 forms part of Stellar’s broader initiative to strengthen smart contract infrastructure, developer tools, and network resilience.
| Metric | Value (Q2 2026) |
|---|---|
| Tokenized Assets | $3.3 billion |
| Stablecoin Supply | $884 million |
| Transactions per Second | 211 |
| Stablecoin Transfer Volume | $11.4 billion |
Growth in tokenized assets and stablecoins
The Stellar Development Foundation reported that tokenized real-world assets on the network have surpassed $3.3 billion. The range includes tokenized bonds, U.S. Treasuries, private credit, money market funds, and tokenized gold. Historically focused on cross-border payments and financial applications, Stellar is increasingly used to represent and transfer financial instruments on-chain.
Stablecoin supply on Stellar has climbed to approximately $884 million, supporting cross-border payments and settlement infrastructure. Data from the Foundation indicates that stablecoin transfer volume reached $11.4 billion in the second quarter of 2026.
Native currency XLM registered price gains surrounding the Protocol 28 deployment, reaching a local peak near $0.203 before receding. However, community analysts caution against directly attributing XLM’s movement to the upgrade, citing other market factors including Bitcoin price trends, liquidity, regulation, and the broader narrative around real-world asset tokenization.
Further adoption will depend on how quickly developers and institutions integrate the protocol’s new features. Ongoing infrastructure improvements and real-world usage by financial institutions, stablecoin issuers, and RWA platforms will be closely monitored in upcoming quarters.
