The Global Markets Alliance, an initiative led by Ondo Finance, has expanded to include eight cryptocurrency exchanges, wallets, and custodians as part of its effort to accelerate the adoption of tokenised financial assets.
Announced Tuesday, the alliance now counts the Solana Foundation, Bitget Wallet, Jupiter Exchange, Trust Wallet, Rainbow, BitGo, Fireblocks, 1inch, and Alpaca among its members.
Ondo Finance stated that the group’s objective is to “bring capital markets onchain” and to create standards for the interoperability of tokenised stocks.
According to Ondo Finance, additional companies are expected to join the alliance in the near future.
Ondo Finance specialises in real-world asset tokenisation and recently introduced a layer-1 blockchain designed for institutional onchain assets.
The platform offers tokenised treasury products backed by U.S. government debt.
Industry data shows that users have committed nearly $1.4 billion to the Ondo ecosystem, with the platform’s total value locked more than doubling over the past year, according to DefiLlama.
The broader market for tokenised real-world assets (RWAs) has grown by 260% this year, supported by a more favorable regulatory environment in the United States and increased global demand for U.S. financial products.
Excluding stablecoins, the total RWA market was valued at $23 billion as of June, based on a report from Binance Research.
The growth has been attributed to the tokenisation of private credit and U.S. Treasury bonds.
Several crypto firms are expanding into the RWA sector.
Alchemy Pay has partnered with Backed to launch 55 tokenised U.S. exchange-traded funds, targeting regions with limited access to U.S. markets.
Robinhood is also reportedly developing tokenised stock offerings for European investors and is planning to expand into tokenised private credit.