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Crypto News

DeFi Leaders Form Tokenized Asset Coalition; Mirae Asset Securities Announces Separate Token Working Group

Author

Jay Solano

Tags

Tags Editor's Choice / Slider Posts

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2 mins
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Author

Jay Solano

Tags

Editor's Choice / Slider Posts

Reading time

2 mins
Last update

Author

Jay Solano

Tags

Editor's Choice, Slider Posts

Reading time

2 mins
Last update

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In a significant move for asset tokenization, seven prominent decentralized finance (DeFi) entities have announced the establishment of the Tokenized Asset Coalition (TAC). This new advocacy group, formed on Sept. 7, aims to accelerate the adoption of public blockchains, asset tokenization, and institutional-level DeFi.

Founding members of the TAC include renowned names such as Aave Companies, Circle, Coinbase, Centrifuge, Base, Credix, Goldfinch, and RWA.xyz. The coalition, however, has an inclusive approach, with its charter stating that membership is available to “any organization” aligned with the vision of unifying the financial system on the blockchain.

Among the coalition’s planned initial undertakings are member discussions, a quarterly publication release, event participation, and the inception of specialized working groups. The TAC envisions the tokenization of real-world assets as a powerful catalyst that can merge traditional and crypto financial realms, aiming to eliminate the existing financial system’s inefficiencies.

In parallel developments on the same day, Polygon Labs joined forces with South Korea’s Mirae Asset Securities, a financial behemoth with over $565 billion in managed assets. Together, they announced the formation of the Mirae Asset Security Token Working Group. This collaboration, which will also involve “various companies,” will see Polygon acting as a technical advisor.

The newly formed consortium has set forth an ambitious agenda. It includes collaborative research, nurturing domestic and global tokenized securities networks, organizing brand awareness events, and more. With a focus on assimilating international best practices, the group aims to embed these into South Korea’s infrastructure, thus propelling the globalization of the nation’s financial sector. 

Sandeep Nailwal, Polygon Labs’ executive chairman, highlighted Mirae’s ventures as pivotal in fostering synergy between South Korea’s domestic financial systems and global counterparts.