Decentralized finance platform Ondo Finance has introduced the formation of the International Markets Alliance — an business partnership with eight cryptocurrency wallets, custodians and exchanges — geared toward accelerating the adoption of onchain monetary belongings.
Introduced Tuesday, the alliance consists of the Solana Basis, Bitget Pockets, Jupiter Alternate, Belief Pockets, Rainbow, BitGo, Fireblocks, 1inch and Alpaca.
Ondo’s announcement instructed that extra firms may quickly be a part of the alliance.
In line with Ondo Finance, the initiative seeks to “convey capital markets onchain” and set up requirements for the interoperability of tokenized shares.
Ondo Finance focuses on real-world asset tokenization and not too long ago launched a layer-1 blockchain tailor-made for institutional onchain belongings. The platform gives tokenized treasury merchandise backed by US authorities debt.
Customers have dedicated almost $1.4 billion to the Ondo ecosystem, in keeping with the newest business information.
Associated: Chainlink, JPMorgan, Ondo Finance full crosschain treasury settlement
RWA tokenization market continues to develop
The marketplace for tokenized RWAs has grown by 260% this 12 months, pushed partly by a extra favorable regulatory surroundings in the USA and rising demand for US monetary merchandise globally.
Excluding stablecoins, the entire RWA market was valued at $23 billion as of June, in keeping with a Binance Analysis report. The expansion has been led by tokenized personal credit score and US Treasury bonds.
A number of crypto firms are increasing into the RWA market, looking for to convey conventional monetary belongings onchain.
As reported by Cointelegraph, crypto fee platform Alchemy Pay has partnered with tokenization agency Backed to launch 55 tokenized US exchange-traded funds. The tokenized belongings might be obtainable to jurisdictions with restricted entry to US monetary markets.
In the meantime, retail buying and selling platform Robinhood is reportedly creating tokenized inventory choices for European traders, with plans to tokenize personal credit score as effectively.
Associated: RWA backing: How do issuers guarantee 1:1 peg with tokenized belongings?
