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 belongings.
Introduced Tuesday, the alliance consists of the Solana Basis, Bitget Pockets, Jupiter Trade, Belief Pockets, Rainbow, BitGo, Fireblocks, 1inch and Alpaca.
Ondo’s announcement urged that extra firms may quickly be part of the alliance.
In response to Ondo Finance, the initiative seeks to “deliver 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 belongings. The platform provides tokenized treasury merchandise backed by US authorities debt.
Customers have dedicated practically $1.4 billion to the Ondo ecosystem, based on the newest 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 partially by a extra favorable regulatory atmosphere in the USA and rising demand for US monetary merchandise globally.
Excluding stablecoins, the overall RWA market was valued at $23 billion as of June, based on 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, in search of to deliver conventional monetary belongings 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 belongings can be out there 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?
