Aave, Circle, and Base unite as founding members of Tokenized Asset Coalition
A significant development in the world of decentralized finance (DeFi) has emerged as seven prominent figures in the field have come together to establish the Tokenized Asset Coalition (TAC). This newly formed advocacy group, whose official announcement was made on September 7th, is on a mission to drive the widespread adoption of public blockchains, asset tokenization, and institutional DeFi.
The founding members of this coalition read like a who’s who of the DeFi sector and include Aave Companies, Centrifuge, Circle, Coinbase, Base, Credix, Goldfinch, and RWA.xyz. What makes this initiative even more compelling is the TAC’s charter, which extends an open invitation to “any organization that shares our vision to create a unified financial system on the blockchain.” This inclusivity underscores the coalition’s commitment to fostering collaboration across the DeFi landscape.
The initial activities of the TAC are poised to have a far-reaching impact on the industry. They encompass a comprehensive range of activities, including regular member meetings, the publication of a quarterly periodical, active participation in industry events, and the formation of specialized working groups. The coalition’s vision can be aptly summarized in their own words:
“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.”
In an intriguing parallel development also occurring on September 7th, Polygon Labs and South Korea’s Mirae Asset Securities made a joint announcement that has significant implications for the global financial landscape. Together, they unveiled the formation of the Mirae Asset Security Token Working Group, which brings together a consortium of “various companies” alongside these two industry giants. Notably, Polygon Labs assumes the pivotal role of serving as the technical consultant for this 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
The scope of their collaboration is far-reaching. Besides their joint research initiatives, this consortium has pledged to “work together on diverse initiatives,” which include supporting the growth of domestic and international networks and ecosystems related to tokenized securities, organizing promotional events to bolster brand recognition, and much more.
The primary focus of the Mirae Asset Security Token Working Group is to meticulously scrutinize international best practices and seamlessly integrate them into South Korea’s financial infrastructure. This initiative is poised to play a pivotal role in the globalization of South Korea’s financial sector. As noted by Sandeep Nailwal, Executive Chairman of Polygon Labs, “Mirae’s initiatives will play a pivotal role in establishing seamless interoperability between South Korea’s domestic financial systems and their foreign counterparts.”
These two developments, the formation of the Tokenized Asset Coalition and the Mirae Asset Security Token Working Group, signify a significant stride towards the convergence of traditional and blockchain-based financial systems and the global integration of financial markets, promising a transformative impact on the future of finance.
