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.Ondos 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.Source: Ondo FinanceOndo 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.Ondos total value locked, or TVL, has more than doubled over the past year, reaching nearly $1.4 billion as of June.
Source: DefiLlamaRelated: Chainlink, JPMorgan, Ondo Finance complete crosschain treasury settlementThe 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.2025 is shaping up to be a record year for tokenized RWAs.
Source: Binance ResearchSeveral 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?