Major Banks Collaborate with R3 to Use Solana for Tokenization
Several large banks and traditional financial institutions will utilize the Solana blockchain for tokenization efforts.
- R3 is collaborating with the Solana Foundation to bring tokenized real-world assets to Solana.
- R3's Corda platform manages over $10 billion in assets, involving major participants like HSBC, Bank of America, and the Monetary Authority of Singapore.
- Tokenization allows real-world assets (stocks, bonds) to be minted as digital tokens for trading on decentralized networks.
- A report by Boston Consulting Group and Ripple predicts the tokenization market could reach $18.9 trillion by 2033.
- R3 aims to enhance the scale and liquidity of the tokenized asset ecosystem via public blockchains like Solana.
- Although Solana's total asset value is lower than Ethereum's, it processes more transactions and has more active addresses.
R3 stated that Solana is "the ideal foundation for the next generation of regulated digital finance."