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 contains the Solana Basis, Bitget Pockets, Jupiter Alternate, Belief Pockets, Rainbow, BitGo, Fireblocks, 1inch and Alpaca.
Ondo’s announcement urged that extra firms might 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 not too long ago launched a layer-1 blockchain tailor-made for institutional onchain belongings. The platform gives tokenized treasury products backed by US authorities debt.
Customers have dedicated almost $1.4 billion to the Ondo ecosystem, in keeping with the most recent business knowledge.
Associated: Chainlink, JPMorgan, Ondo Finance complete crosschain treasury settlement
RWA tokenization market continues to develop
The marketplace for tokenized RWAs has grown by 260% this year, pushed partially by a extra favorable regulatory setting in the US and rising demand for US monetary merchandise globally.
Excluding stablecoins, the full 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, searching for to deliver 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 will probably be out there to jurisdictions with restricted entry to US monetary markets.
In the meantime, retail buying and selling platform Robinhood is reportedly developing tokenized inventory choices for European traders, with plans to tokenize private credit as properly.
Associated: RWA backing: How do issuers ensure 1:1 peg with tokenized assets?
