HBAR Skyrockets After BlackRock Successfully Tokenizes MMF On Hedera
Archax, Ownera, and The HBAR Foundation recently facilitated the initial tokenization of the BlackRock Money Market Fund (MMF) on the Hedera blockchain, marking a significant milestone in the real-world assets (RWAs) domain.
The Importance Of MMFs
In a historic moment for the RWAs industry, Archax, a digital asset exchange based in London, successfully digitized the BlackRock ICS US Treasury MMF on the Hedera (HBAR) blockchain. Collaborating with the HBAR Foundation and the institutional-grade digital assets platform Ownera, Archax brought the MMF onto the Hedera network.
MMFs play a pivotal role in boosting the RWAs sector, offering attractive investment options characterized by institutional stability and yield. Tokenized MMFs allow for share trading on exchanges like Archax, offering additional benefits such as instant transfer and collateral deployment, beyond traditional subscriptions and redemptions.
HBAR Surges
Shayne Higdon, CEO of The HBAR Foundation, expressed confidence in Hedera and its innovative as well as reliable infrastructure, emphasizing its unmatched speed, security, and cost-effectiveness for institutional-grade tokenization, enabled by Archax.
Following the announcement, the price of HBAR surged to a four-week high, increasing by over 46% to reach $0.1314 on Tuesday. Preceding the news, the token traded around $0.087 and has now reached its highest level since March 27th. CoinGecko data indicates a more than 600% spike in the 24-hour trading volume of HBAR, surpassing $346 million.
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