Recently, there has been an exciting development in the real-world asset (RWA) industry. Archax, an institutional-grade digital asset platform, has collaborated with other organizations such as the HBAR Foundation and Ownera to enable the tokenization of BlackRock’s money market fund (MMF) on the Hedera blockchain.
This is a significant milestone in the industry as it marks the first tokenization of a MMF on Hedera. Last year, Archax had also facilitated the tokenization of abrdn’s MMFs, making it the second successful tokenization of a MMF on the Hedera blockchain.
Tokenized MMFs offer numerous benefits, such as providing investors with a stable investment vehicle with a high yield and allowing for trading of shares on exchanges like Archax. They also offer additional advantages, including instant deployment and transfer of collateral, making them more efficient than traditional subscriptions or redemptions.
According to Shayne Higdon, CEO of the HBAR Foundation, the addition of tokenized MMF shares on Hedera is a significant vote of confidence in the platform’s unmatched speed, security, and low-cost infrastructure.
Following this news, the price of HBAR has risen by 46%, reaching a four-week high of $0.1314. This surge in price was seen on Tuesday, with the token trading at $0.087 just before the announcement. Additionally, HBAR’s 24-hour trading volume has spiked over 600% to $346 million, according to data from CoinGecko.
In conclusion, the adoption of RWAs on Hedera is growing, and this latest development with BlackRock’s MMF tokenization is a testament to the platform’s capabilities. This achievement is a significant milestone in asset management, and it will be exciting to see what the future holds for tokenization on the Hedera blockchain.
