Ondo Finance, a decentralized financial platform, announced the formation of an industry partnership with eight cryptocurrency wallets, custodians and communications – aiming to accelerate the adoption of OnChain Financial Assets.
The alliance includes the Solana Foundation, BitGit Wallet, Jupiter Exchange, Trust Wallet, Rainbow, bitgo, Fireblocks, 1-inch and Alpaca, announced Tuesday.
Ondo’s announcement shows that more and more companies will join the alliance soon.
According to Ondo Finance, the initiative seeks to “bring onChain the capital market” and establish standard labeled stocks.
Ondo Finance focuses on real-world asset tokenization, and recently launched 1-layer blockchain Specially tailored for institutional Onchain assets. Platform provides Tokenized financial products Supported by U.S. government debt.
According to the latest industry data, users have invested nearly $1.4 billion in the ONDO ecosystem.
Related: Chainlink, JPMorgan, ondo Finance complete cross-chain Treasury settlement
RWA tokenization market continues to grow
The market for tokenized RWA Grow 260% this yearTo some extent, it is driven by the more favorable regulatory environment in the United States and the growth in global demand for U.S. financial products.
As of June, the total value of the RWA market was $23 billion, excluding Stablecoins, according to a Binance research report. The growth is led by tokenized private credit and U.S. fiscal bonds.
Several crypto companies are expanding into the RWA market, trying to bring traditional financial asset Onchain into the market.
As Reported by Cointelegraphcrypto payment platform Alchemy Pay, partnered with tokenization companies to support 55 tokenized U.S. exchange-traded funds. The marked asset will be provided to jurisdictions with limited access to the U.S. financial markets.
Meanwhile, retail trading platform Robinhood is reportedly developing Provide token stocks for European investors, Plan for private credit The same is true.
Related: RWA Support: How does an issuer ensure a 1:1 nail with token assets?
