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 contains the Solana Basis, Bitget Pockets, Jupiter Alternate, Belief Pockets, Rainbow, BitGo, Fireblocks, 1inch and Alpaca.
Ondo’s announcement recommended that extra firms might quickly be a 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 not too long ago launched a layer-1 blockchain tailor-made for institutional onchain property. The platform affords tokenized treasury merchandise backed by US authorities debt.
Customers have dedicated practically $1.4 billion to the Ondo ecosystem, in line with the most recent 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 yr, pushed partially by a extra favorable regulatory setting in the USA and rising demand for US monetary merchandise globally.
Excluding stablecoins, the whole RWA market was valued at $23 billion as of June, in line 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, searching for to deliver conventional monetary property 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 property will probably be accessible 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 nicely.
Associated: RWA backing: How do issuers guarantee 1:1 peg with tokenized property?
