Eight crypto exchanges, custodians and wallets have joined a group formed to accelerate the adoption of tokenized assets.
Decentralized finance platform Ondo Finance has announced the formation of the Global Markets Alliance — an industry partnership with eight cryptocurrency wallets, custodians and exchanges — aimed at accelerating the adoption of onchain financial assets.
Announced Tuesday, the alliance includes the Solana Foundation, Bitget Wallet, Jupiter Exchange, Trust Wallet, Rainbow, BitGo, Fireblocks, 1inch and Alpaca.
Ondo’s announcement suggested that more companies could soon join the alliance.
According to Ondo Finance, the initiative seeks to “bring capital markets onchain” and establish standards for the interoperability of tokenized stocks.
Ondo Finance focuses on real-world asset tokenization and recently launched a layer-1 blockchain tailored for institutional onchain assets. The platform offers tokenized treasury products backed by US government debt.
Users have committed nearly $1.4 billion to the Ondo ecosystem, according to the latest industry data.
Related: Chainlink, JPMorgan, Ondo Finance complete crosschain treasury settlement
RWA tokenization market continues to grow
The market for tokenized RWAs has grown by 260% this year, driven in part by a more favorable regulatory environment in the United States and rising demand for US financial products globally.
Excluding stablecoins, the total RWA market was valued at $23 billion as of June, according to a Binance Research report. The growth has been led by tokenized private credit and US Treasury bonds.
Several crypto companies are expanding into the RWA market, seeking to bring traditional financial assets onchain.
As reported by Cointelegraph, crypto payment platform Alchemy Pay has partnered with tokenization firm Backed to launch 55 tokenized US exchange-traded funds. The tokenized assets will be available to jurisdictions with limited access to US financial markets.
Meanwhile, retail trading platform Robinhood is reportedly developing tokenized stock offerings for European investors, with plans to tokenize private credit as well.
Related: RWA backing: How do issuers ensure 1:1 peg with tokenized assets?
