The decentralized finance platform Ondo Finance has announced the establishment of the Global Markets Alliance, an industry collaboration with eight cryptocurrency wallets, custodians, and exchanges aimed at accelerating the adoption of on-chain financial assets.
The alliance was announced on Tuesday (June 18), with members including the Solana Foundation, Bitget Wallet, Jupiter Exchange, Trust Wallet, Rainbow, BitGo, Fireblocks, 1inch, and Alpaca.
Ondo's announcement hinted that more companies may join the alliance in the future.
According to Ondo Finance, the initiative aims to "bring capital markets on-chain" and establish standards for the interoperability of tokenized stocks.
Ondo Finance focuses on the tokenization of real-world assets (RWA) and recently launched a Layer-1 blockchain specifically tailored for institutional on-chain assets. The platform offers tokenized treasury products backed by U.S. government debt.
According to the latest industry data, users have invested nearly $1.4 billion into the Ondo ecosystem.
This year, the market for tokenized real-world assets (RWA) has grown by 260%, partly due to a more favorable regulatory environment in the U.S. and the rising global demand for U.S. financial products.
According to a report by Binance Research, as of June, the total value of the RWA market, excluding stablecoins, is $23 billion. The growth is primarily driven by tokenized private credit and U.S. Treasury bonds.
Several cryptocurrency companies are expanding into the RWA market, seeking to bring traditional financial assets on-chain.
Cointelegraph previously reported that the crypto payment platform Alchemy Pay has partnered with the tokenization company Backed to launch 55 tokenized U.S. exchange-traded funds (ETFs). These tokenized assets will be offered to jurisdictions that cannot access U.S. financial markets.
Meanwhile, retail trading platform Robinhood is reportedly developing tokenized stock products for European investors and plans to tokenize private credit.
Related: ETF applications are set to explode in 2025, igniting hopes for a "altcoin summer."
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