coinculture.com
In a groundbreaking move for the real-world assets (RWAs) sector, Archax, a London-based digital asset exchange, broker, and custodian, has tokenized the BlackRock ICS US Treasury money market fund (MMF) on the Hedera (HBAR) blockchain.
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This milestone collaboration, facilitated by Archax, the HBAR Foundation, and the institutional-grade digital assets platform Ownera, marks a significant advancement in the adoption of RWAs on the Hedera network.
Last year, Hedera Council member abrdn successfully tokenized its MMFs on Hedera, setting a precedent in the asset management industry. abrdn, the UK’s largest active wealth manager, paved the way for broader adoption of tokenized funds within the sector.
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
The growing adoption of RWAs, particularly MMFs, offers investors institutional stability and yield. Tokenized MMFs enable shares to be traded on exchanges like Archax, providing added benefits such as instantaneous transfer and deployment as collateral, beyond traditional subscription and redemption processes.
Shayne Higdon, CEO of The HBAR Foundation, expressed confidence in Hedera’s infrastructure, stating, “The addition of MMF shares tokenized on Hedera, enabled by Archax, is a huge vote of confidence. Hedera’s unmatched speed, security, and low-cost infrastructure is ideally suited for the institutional-grade tokenization of real-world assets made possible by Archax.”
Following the announcement, HBAR experienced a notable surge, climbing over 79% to reach a high of $0.1616. Prior to the news, HBAR was trading around $0.087, marking its highest level since March 27. Data from CoinGecko indicates a significant increase in HBAR’s 24-hour trading volume, surpassing $346 million, a spike of over 600%.