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HBAR Foundation, the platform that drives the open-source proof-of-stake-based network Hedera, has announced a new collaboration. According to the company, the ICS US Treasury money market fund of BlackRock is seeing tokenization on Ownera, Archax, and Hedera platforms. The firm revealed this move on its official account on X.
Today we witness #RWA history as @BlackRock’s ICS US Treasury money market fund (MMF) is tokenized on @Hedera with @ArchaxEx and @OwneraIO, marking a major milestone in asset management by bringing the world’s largest asset manager on-chain 🏦 pic.twitter.com/1Kye8cjAJx
— HBAR Foundation (@HBAR_foundation) April 23, 2024
HBAR Foundation Joins BlackRock as Its Tokenization Is Taking Place on Hedera
The company labeled this development as a prominent landmark in the sector of asset management. It added that this endeavor brings the world’s biggest asset-managing forum on-chain. In one of its recent posts on X, the company provided details of this initiative. It revealed that the development depends on the expanding institutional real-world-asset portfolio on Hedera.
@abrdn_plc is the biggest active wealth manager in the UK and is also a member of the Hedera Governing Council. The party has reportedly tokenized “£multi-billion MMF” (its flagship project) on Hedera in 2023. Moreover, the FCA-regulated platform for digital-asset exchange, reportedly conducted investment tokenization in Abrdn £multi-billion MMF.
The Development offers Enhanced Speed and Security
As a result of this endeavor, the consumers can straightly access BlackRock MMF on the Archax platform. Along with that, they can also enjoy the other offerings present there. In addition to this, the consumers can also reach the respective services via linked networks. Otherwise, only the institutional or the professional clients had the permission to access them. While moving on, the platform noted that the extra MMF’s tokenization provides several benefits.
They reportedly take into account improved security and speed. Additionally, the platform further validates the fixed charges of Hedera. Apart from that, the company expressed its confidence in the potential of the development. It claimed that the firm is ready to collaborate with the TradFi companies for the tokenization of real-world assets.