A consortium of eight leading cryptocurrency exchanges, custodians, and wallets, including the Solana Foundation and Bitget Wallet, has established the Global Markets Alliance.
The alliance aims to standardize interoperability protocols and drive broader adoption of Solana-based tokenized assets, with a specific focus on expanding real-world asset tokenization.
Founding member Ondo Finance, a key player in the tokenized asset space, has launched a dedicated layer-1 blockchain designed for institutional onchain assets.
Ondo Finance’s tokenized treasury products have already attracted nearly $1.4 billion in committed capital, demonstrating significant institutional interest.
The formation of the alliance follows substantial growth in the tokenized real-world asset market, which surged by 260% in 2024 to reach a total market value of $23 billion, excluding stablecoins.
This growth was primarily fueled by tokenized private credit and US Treasury bonds.
Alliance partners like Alchemy Pay and Backed are actively working to expand access to tokenized US ETFs.
Robinhood is also developing tokenized stock offerings targeted at European investors.
The Global Markets Alliance seeks to tackle persistent industry challenges, including regulatory clarity and interoperability issues.
Its core mission is to promote transparency and compliance standards essential for accelerating institutional adoption of tokenized assets.