Korea’s Shinhan Bank and SCB Tech X, part of Siam Commercial Bank, have carried out a proof of concept (PoC). The PoC centers around using stablecoins on Hedera’s public Distributed Ledger Technology (DLT).

Byunghee Kim, the head of blockchain at Shinhan Bank, lauds the immense potential of stablecoins in his recent statement, stating: “Stablecoins provide a cost-effective, swift, and dependable method for transnational value transfer, propelling financial inclusion and enhancing financial services accessibility for underserved individuals and businesses.”

Kim highlights the advantages of Hedera’s Ethereum Virtual Machine (EVM)-compatible technology, which streamlines processes by eliminating intermediaries, thereby reducing costs and expediting remittances. This cutting-edge technology forms the bedrock of Hedera’s smart contract capabilities, ensuring seamless compatibility with Ethereum.

Stablecoins are going to be the gateway to getting tradfi markets onchain, starting with one obvious pain point: international remittance. @hedera is laying the foundation for this transition. Great collaboration between @ShinhanBankENG SCB TechX, @swirldslabs, @HBAR_foundation https://t.co/fpgJO2Co3A

— Sabrina Tachdjian (@tsakoog) July 19, 2023

Currently, stablecoin usage is predominantly centered around cryptocurrency transactions, with a notable portion dedicated to peer-to-peer payments. However, significant disparities persist in remittance costs worldwide, with some regions burdened by exorbitant fees reaching up to 35%. In contrast, countries like India offer more affordable rates due to higher transaction volumes.

This development has sparked a bullish surge in the Hedera (HBAR) market over the past 24 hours, with the bulls achieving a 30-day high of $0.0606 at press time, marking a significant rise from the 24-hour low of $0.05433.

During this bullish rally, HBAR’s 24-hour trading volume experienced a substantial increase of 94.11%, while its market capitalization rose by 9.94% to reach $1,958,270,211 and $200,054,695, respectively.

HBAR/USD 24-hour price chart (source: CoinMarketCap)

Hedera (HBAR) Technical Analysis

The Keltner Channel Bands on the HBAR/USD 2-hour price chart are rising, with the upper, middle, and lower bands touching $0.06023609, $0.05625181, and $0.05226754, respectively, reflecting the market’s increasing volatility. This trajectory suggests that a breakout or significant price movement is imminent.

As the price action has reached the upper band and begun to consolidate, it may encounter a period of resistance. The formation of red candlesticks on the chart also suggests that selling pressure is increasing, which could lead to a price decrease.

The Chaikin Money Flow at 0.18 and pointing south indicates a net outflow of money from the market, supporting the possibility of a price movement to the downside. If the CMF falls below zero, it will confirm the bearish sentiment and increase the likelihood of a price decline.

HBAR/USD price chart (source: TradingView)

With a reading of 84.83, the stochastic RSI has moved below its signal line, indicating that the market may be overbought and due for a correction. This adds to the evidence of a possible downward price trend.

However, the stochastic RSI could continue to fall and drop below the overbought threshold of 70; In that case, it will further confirm that the market is overextended and increase the likelihood of a downward price movement.

HBAR/USD price chart (source: TradingView)

In conclusion, the successful PoC by Shinhan Bank and SCB Tech X on Hedera’s DLT highlights the transformative power of stablecoins in driving financial inclusion. The surge in HBAR’s market reflects the growing demand for efficient and cost-effective transnational value transfer.

$HBAR #hedera #hbar

HBAR Crypto News: According to information obtained, it’s estimated that roughly $1.2 billion of HBAR tokens — worth $65 million — are scheduled to be released beginning June 1. This comes after 95 million HBARs were released on Saturday, which brought the total amount of released tokens to 62.68%.

2.54 % Of Supply To Be Unlocked

According to the data published by Token Unlock, the network will unlock 2.547% of its total supply on June 1, which is equal to precisely 1,273,353,491 HBARs. Moreover, the Hedera Distribution Report — which is compiled and distributed on a quarterly basis — outlines that the unlock distribution will include 533M HBARs for purchase agreements, 403M HBARs for ecosystem & open source development and the remaining 335M HBARs for network governance & related operations.

At the time of writing, Hedera’s total circulating supply currently stands at about 31 billion which is approximately 62% of its max supply of 50 billion. However, it’s to be noted that, following this unlock, subsequent token release events will not be nearly as significant and will only result in minor additions to the available token supply.

Read More: Cardano’s Technical Director Denies Rumor Of 1 Million TPS, Here’s The Truth

HBAR Price To Suffer?

In the cryptocurrency market, token unlocks have been traditionally viewed as a bearish signal, as they tend to increase the total number of tokens in circulation. As more tokens enter the market, the supply increases, which can lead to an imbalance between sellers and buyers. The greater supply of tokens and the relatively lesser demand for them puts sellers in a disadvantageous position, which can lead them to lower their asking price to attract buyers. As a direct consequence of this, the value of the cryptocurrency may experience a temporary downward trend.

While it is true that token unlocks can lead to a significant decline in the token’s market value, the impact of such an event may not always be as catastrophic as expected. In the case of Hedera, the DAG-based project has experienced several token unlocks over the past few years, which has helped to reduce the level of selling pressure in the market. As a result, the HBAR token is less likely to experience a precipitous decline in price due to the forthcoming token unlock.

In light of this HBAR crypto news, the price of Hedera is currently exchanging hands at $0.0513, which represents a gain of 0.10% over the past 24 hours, compared to a drop of 9.21% recorded over the preceding seven days.

#hbar #hedera #Binance