- Archax, Ownera and The HBAR Foundation have enabled the first tokenization of BlackRock’s money market fund (MMF) on Hedera.
- This is a major development in the real-world assets (RWAs) industry and comes after abrdn plc tokenized its MMFs on Hedera last year.
The crypto world has witnessed a historic moment in the real-world assets (RWAs) industry after Archax, a London-based digital asset exchange, broker and custodian, tokenized the BlackRock ICS US Treasury money market fund (MMF) on the Hedera (HBAR) blockchain.
Archax collaborated with the HBAR Foundation and the institutional-grade digital assets platform Ownera to bring the MMF to Hedera.
According to details in an announcement, the milestone follows Hedera Council member abrdn’s successful tokenization of its MMFs on Hedera last year.
abrdn is the largest active wealth manager in the UK and its flagship tokenized funds marked a major milestone in the asset management industry.
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
Hedera’s growing RWA adoption
The RWAs sector is getting a big boost from MMFs, which offer suitable investment vehicles for investors with institutional stability and yield.
With tokenised MMFs allows for the trading of their shares on exchanges such as Archax and provide extra benefits that include instantaneous transfer and deployment as collateral rather than just being used for traditional subscriptions and redemptions.
“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,” Shayne Higdon, CEO of The HBAR Foundation, said in a statement.
HBAR price soars to 4-week high
HBAR price surged after the news, rising more than 46% to reach highs of $0.1314 on Tuesday.
The token changed hands at around $0.087 before the news and is currently sitting at its highest level since March 27. Data from CoinGecko shows HBAR’s 24-hour trading volume has spiked more than 600% to over $346 million.
