The crypto world witnessed a historic moment in the Global Real Assets (RWA) sector after Archax, a London-based virtual asset exchange, broker, and custodian, tokenized the U. S. Treasury’s BlackRock ICS (MMF) market fund. U. S. Department of Homeland Security in Hedera (HBAR). . ) blockchain.
Archax collaborated with the HBAR Foundation and institutional-grade virtual asset platform Ownera to bring MMF to Hedera.
According to the main points of an announcement, this step follows the successful tokenization of its MMFs on Hedera by Hedera Board member Abrdn last year.
abrdn is the UK’s largest active wealth manager and its flagship tokenized budget marked a major milestone in the asset control industry.
– HBAR Foundation (@HBAR_foundation) April 23, 2024
The RWA sector receives a major boost from cash market funds, which offer investment vehicles suitable for investors with institutional stability and profitability.
The tokenized cash market budget allows its shares to be traded on exchanges like Archax and offer additional benefits, adding instant movement and deployment as collateral rather than simply being used for classic subscriptions and redemptions.
“The addition of tokenized MMF shares in Hedera, enabled through Archax, is a massive vote of confidence. Hedera’s unparalleled speed, security, and cheap infrastructure are the best support for institutional-grade tokenization of real-world assets that can be imagined through Archax,” said Shayne Higdon, executive director of the HBAR Foundation, in a statement.
HBAR’s value jumped after the news, emerging more than 46% to a high of $0. 1314 on Tuesday.
The token replaced around $0. 087 before the news and lately has been at its point since March 27. Data from CoinGecko shows that HBAR’s 24-hour trading volume has increased by more than 600% to over $346 million.
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