It’s a big day for asset tokenization, as many of the biggest names in the field announced the formation of an association to further its development.
Seven leaders in decentralized finance (DeFi) have banded together to form the Tokenized Asset Coalition (TAC). The new advocacy group will work toward the adoption of public blockchains, asset tokenization and institutional DeFi, it announced Sept. 7.
Aave Companies, Centrifuge, Circle, Coinbase, Base, Credix, Goldfinch and RWA.xyz are the coalition’s founding members, but membership is open to “any organization that shares our vision to create a unified financial system on the blockchain,” according to the TAC charter.
Initial activities will include member calls, a quarterly publication, event attendance and the creation of working groups. According to the group:
“The tokenization of real-world assets represents the best opportunity for the traditional and crypto financial systems to create a single source of truth, where protocols, platforms, and participants coordinate and combine their efforts to eliminate the inefficiencies of the present financial system.”
Also on Sept. 7, Polygon Labs and South Korea’s Mirae Asset Securities, a financial services company with over $565 billion in assets under management, announced the formation of the Mirae Asset Security Token Working Group, along with “various companies.” Polygon will serve as a technical consultant for the group.
🚀 Mirae Asset Securities and Polygon Labs Join Forces to Drive Tokenization and Web3 Adoption in Finance! 🏦🌐
South Korea's largest financial group, Mirae Asset Securities, is teaming up with Ethereum scaling platform Polygon Labs in a strategic collaboration that has the… pic.twitter.com/t82qKdkBqB
— BoKuBu (@atrungbs87) September 7, 2023
Besides conducting joint research, the consortium promises to “collaborate on various initiatives such as helping domestic and international tokenized securities networks and ecosystems grow, organizing events to enhance brand awareness, and more.”
The Mirae Asset Security Token Working Group will specifically aim to look at international best practices and integrate them into South Korean infrastructure to help globalize South Korea’s financial sector. “Mirae’s initiatives will […] greatly contribute to establishing interoperability between South Korea’s domestic financial systems and their foreign counterparts,” Polygon Labs executive chairman Sandeep Nailwal said in a statement.