Archax, Ownera, and The HBAR Foundation have made a significant breakthrough in the real-world assets (RWAs) industry by enabling the tokenization of BlackRock’s money market fund on the Hedera blockchain. This follows a similar move by abrdn plc last year.
The collaboration between Archax, HBAR Foundation, and Ownera has brought the BlackRock ICS US Treasury money market fund to Hedera, marking a historic moment in the crypto world. This follows abrdn’s successful tokenization of its MMFs on Hedera last year, making it the largest active wealth manager in the UK to do so.
In a statement, Shayne Higdon, CEO of The HBAR Foundation, expressed confidence in Hedera’s speed, security, and low-cost infrastructure for institutional-grade tokenization of real-world assets. This is a significant vote of confidence in Hedera’s capabilities.
The adoption of MMFs in the RWAs sector provides suitable investment options for investors looking for institutional stability and yield. The tokenization of MMFs on exchanges like Archax also offers additional benefits, such as instantaneous transfer and deployment as collateral.
Following the news, the price of HBAR soared to a 4-week high, increasing by more than 46% and reaching highs of $0.1314 on Tuesday. Before the announcement, HBAR was trading at around $0.087. Its trading volume also spiked by over 600% to $346 million in the past 24 hours.
This development highlights the growing adoption of Hedera in the RWAs industry and its potential to revolutionize traditional asset management. It also showcases the capabilities of blockchain technology in facilitating secure and efficient transactions.
