The decentralized financial platform ONDO FINANCE has announced the formation of the Global Market Alliance – an industry partnership with eight cryptocurrency money exchanges, custodian banks and stock exchanges – which goals to speed up the introduction of Onchain financial assets.
The Alliance will likely be announced on Tuesday and includes the Solana Foundation, Bitget Wallet, Jupiter Exchange, Trust Wallet, Rainbow, Bitgo, Fireblocks, 1 inch and Alpaka.
The announcement by Ondo indicated that further corporations could soon join the Allianz.
According to Ondo Finance, the initiative is attempting to “bring capital markets on” and to find out standards for the interoperability of tokenized shares.
Source: Ondo Finance
Ondo Finance focuses on the actual asset token to be concentrated and has recently began a Layer 1 blockchain that’s tailored to institutional onchain assets. The platform offers tokenized treasury products which are supported by the US government's debt.
According to the newest industry data, users have signed almost 1.4 billion US dollars for the Ondo ecosystem.
The RWA tokenization market continues to grow
The marketplace for tokenized RWAs rose by 260% this yr, which is partly attributable to a less expensive regulatory environment within the USA and an increasing demand for US finance products worldwide.
According to a Binance Research report, the complete RWA market was rated without stable coins from June at 23 billion US dollars. The growth was led by tokenized private loans and US government bonds.
Several crypto corporations are expanding into the RWA market and attempting to bring traditional financial assets.
As reported by CoinTelegraph, the Alchemy Pay crypto payment platform has teamed up with the tokenization company to launch 55 funds traded with US stock exchanges. The tokenized assets will likely be available to jurisdiction with limited access to US financial markets.
In the meantime, Robinhood Robinhood reports reported tokenized shares for European investors with plans to also tok private loans.
