OLTA Stellar RWA 7
Calibrated launch value from the rulebook. This basket carries no order panel today.
Why this basket exists
What the construction is trying to capture, who it is built for, and how it is meant to be sized inside a wider allocation.
The Stellar RWA income basket · a majority tokenized-treasury core (Franklin Templeton BENJI, Ondo USDY, Spiko US and EU T-bill funds) with XLM and the payments rails for native exposure. Franklin Templeton, Ondo and Spiko all issue tokenized treasuries on Stellar, and all three sit in this basket · it packages that base as an index. Under study while the Stellar settlement integration is designed.
- Stellar family · Conservative risk tier
- Rule-based, divisor-method NAV
No committee note is published for this basket yet, so the catalogue description above stands in until one is written.
7 holdings, drawn to scale
Each tile's area is its weight in the basket, so the picture and the table below it are the same data read two ways.
| Holding | Share | Weight | |
|---|---|---|---|
| 01XLM | 25% | ||
| 02BENJI | 24.3% | ||
| 03USDY | 16.2% | ||
| 04USTBL | 12.2% | ||
| 05EUTBL | 8.1% | ||
| 06SHX | 8.1% | ||
| 07VELO | 6.1% | ||
| Total | 100.0% |
Why each name earned its seat
Research notes per constituent: the case for the asset, the regime that suits it, and the risk the seat carries.
- XLM25%Infrastructure
Stellar is the longest-running tokenized-payments network and the rails for the Franklin Templeton on-chain money-market fund.
Performs in payments and tokenized-treasury narrative phases. Underperforms in DeFi or smart-contract-led cycles.
narrow product surface - BENJI24.3%Growth
Research note pending for this holding. Its weight and its role in the mandate are published above.
- USDY16.2%Growth
Research note pending for this holding. Its weight and its role in the mandate are published above.
- USTBL12.2%Growth
Research note pending for this holding. Its weight and its role in the mandate are published above.
- EUTBL8.1%Growth
Research note pending for this holding. Its weight and its role in the mandate are published above.
Show the remaining 2 holdings
- SHX8.1%Growth
Research note pending for this holding. Its weight and its role in the mandate are published above.
- VELO6.1%Growth
Research note pending for this holding. Its weight and its role in the mandate are published above.
What the numbers say
Simulated on historical constituent prices. A Sharpe is only published once the measured window clears 90 days, and drawdowns keep their sign.
Every figure above is simulated on historical constituent prices for a basket that has not traded. It describes how the rules would have behaved, not how they will behave. OSTW7 is part of a public preview.
| Window | Return | Sharpe | vs BTC |
|---|---|---|---|
| Full window | +98.2% | 0.52 | +0.08 |
| 1 year | −51.8% | −0.82 | −0.02 |
| 6 months | +19.6% | 0.65 | −0.82 |
| 3 months | −19.7% | −0.96 | −2.06 |
| 1 month | +7.1% | Not graded | · |
Returns are simulated over each window. A Sharpe is published only once that window clears 90 days, so the shorter rows read Not graded and carry no comparison with bitcoin. Short windows flatter and punish at random; read the full window first and treat the rest as texture.
What could go wrong
Priced off this basket's own weights rather than off a generic disclaimer, so every figure below can be checked against the table above.
Drawdowns are bounded relative to the broader crypto market. Constituent caps and liquidity filters contain concentration risk. Full risk parameters live in the methodology rulebook.
- Top-name weightLow
XLM is the largest position at 25%. Capped by methodology but still drives index direction.
- Elevated volatilityMedium
Backtest annualised vol 81%. See the backtest panel above for the full risk numbers.
- Deep historical drawdownHigh
Max drawdown reached −90% in the backtest window. Size accordingly.
- Pre-live statusLow
Preview index. NAV is computed but the basket isn't yet open for live allocation.
| Scenario | Loss on net asset value |
|---|---|
| XLM loses half its valueLargest holding, 25.0% of the basket | −12.5%Mechanical |
| The three largest holdings fall 30%XLM, BENJI, USDY · 65.5% of the basket together | −19.7%Mechanical |
| The deepest simulated fall repeatsRecorded once in the window, 596 days to recover | −90.5%Recorded |
The mechanical rows hold every other holding still, which is the optimistic case. This basket measured 0.64 correlation to bitcoin over its window: the holdings often move together, though less tightly than a broad crypto basket. Read the figures as a floor on the damage, never a ceiling.
The research behind the construction
Worth a second look later
OSTW7 is under methodology review, so it carries no buy action today. The weights and the cadence are still being settled, and an order panel over rules that are about to move would put a commitment on the page the research has not earned. Everything above stays visible and updates with the study, so you can follow the work as it lands.