Decentralized finance platform Ondo Finance has introduced the formation of the World Markets Alliance — an business partnership with eight cryptocurrency wallets, custodians and exchanges — aimed toward accelerating the adoption of onchain monetary property.
Introduced Tuesday, the alliance consists of the Solana Basis, Bitget Pockets, Jupiter Change, Belief Pockets, Rainbow, BitGo, Fireblocks, 1inch and Alpaca.
Ondo’s announcement instructed that extra corporations might 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 just lately launched a layer-1 blockchain tailor-made for institutional onchain property. The platform provides tokenized treasury merchandise backed by US authorities debt.
Customers have dedicated practically $1.4 billion to the Ondo ecosystem, in response to the most recent business knowledge.
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 yr, pushed partly by a extra favorable regulatory atmosphere in the US and rising demand for US monetary merchandise globally.
Excluding stablecoins, the whole RWA market was valued at $23 billion as of June, in response to a Binance Analysis report. The expansion has been led by tokenized non-public credit score and US Treasury bonds.
A number of crypto corporations are increasing into the RWA market, in search of to convey conventional monetary property onchain.
As reported by Cointelegraph, crypto cost platform Alchemy Pay has partnered with tokenization agency Backed to launch 55 tokenized US exchange-traded funds. The tokenized property can be obtainable to jurisdictions with restricted entry to US monetary markets.
In the meantime, retail buying and selling platform Robinhood is reportedly growing tokenized inventory choices for European buyers, with plans to tokenize non-public credit score as effectively.
Associated: RWA backing: How do issuers guarantee 1:1 peg with tokenized property?
