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BlackRock tokenizes Money Market Fund on Hedera, 🚀🚀HBAR price soars 100%
Archax, Ownera, and The 💰HBAR Foundation pioneered Hedera's first BlackRock MMF tokenization.
Hedera Council member abrdn tokenized its MMFs last year.
The ecosystem's fundamental, Real World Assets, has driven Hedera Hashgraph (HBAR) price up.
Hedera is designed for institutional RWA tokenization at scale, and the developers have brought the world's biggest asset manager on-chain to boost asset management.
BlackRock tokenizes Hedera MMF
Archax, Ownera, and The HBAR Foundation allowed Hedera's first tokenization of BlackRock's money market fund (MMF), a real-world assets (RWAs) industry first.
The London-based digital asset exchange, broker, and custodian Archax, the HBAR Foundation, and Ownera, an institutional-grade digital assets platform, formed a joint venture to introduce the MMF to Hedera.
In 2023, abrdn plc, the UK's biggest active wealth management and a Hedera Council member, tokenized its MMFs on Hedera. They also revolutionized asset management with their tokenized funds.
The implications for traders
Money Market Funds are secure, liquid, and reliable investments for investors who want to protect wealth and manage cash. Its institutional stability and yield make it valuable for RWAs.
Users may trade shares on Archax using tokenized MMFs. Other features include faster transfers and collateral deployment instead of subscriptions and redemptions.
The HBAR Foundation CEO Shayne Higdon stated:
Archax-enabled MMF shares tokenized on Hedera are a big vote of confidence. Hedera's speed, security, and cheap cost make it suitable for Archax's institutional-grade tokenization of real-world assets.
It supports BlackRock CEO Larry Fink's claim that financial asset tokenization allows immediate settlement.
HBAR pricing response as Hedera gets asset management heavyweight
The announcement drove Hedera Hashgraph price up 100% to $0.1776. Levels last tested April 25, 2022.
