Near and Ondo Blaze Trail for Tokenized Assets, Defy CLARITY Act
Tokenized Real-World Assets (RWAs) have gained traction among traditional and crypto investors, thanks in part to the US Government's push to migrate Traditional Finance (TradFi) on-chain. Two notable players in this space are Near Protocol (NEAR) and Ondo (ONDO), which are breaking new ground for crypto and tokenized trading without the need for the CLARITY Act.
The CLARITY Act, aimed at clarifying judicial distinctions and addressing concerns about Decentralized Finance (DeFi) services, failed to advance in the US Senate on September 15. However, the US SEC and Commodity Futures Trading Commission (CFTC) are seeking other tools to provide a regulatory framework, including the 'Innovation Exemption' and Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets.
NEAR Protocol's multichain transaction pool, NEAR Intents, has introduced features that allow users to hold positions while maintaining total confidentiality. This initiative began in collaboration with Hyperliquid, offering confidential perpetuals before expanding to tokenized assets in partnership with Ondo. Ondo provides users with a wide range of tokenized services similar to traditional finance, including tokenized US stocks, Treasury bills, and exposure to Exchange Traded Funds (ETFs).
According to on-chain data from rwa.xyz, Ondo ranks as the leading provider of tokenized treasuries, stocks, and ETFs, with a distributed asset value of around $3.87 billion as of September 30, up nearly 9.35% in 30 days. NEAR Intents, which offers privacy-focused transaction features to crypto users, recorded the Confidential Total Value Locked at $156.43 million on September 29.