In a first in the crypto sector, Archax, a renowned digital asset broker and custodian in London, announced the tokenization of BlackRock's US Treasury Money Market Fund (MMF) on the Hedera (HBAR) blockchain. This event marks a significant step forward in the real-world assets (RWAs) industry, utilizing blockchain technology to promote financial accessibility and efficiency.
At the time of publication, the price of HBAR was quoted at US$0,1489 with an increase of more than 60% in the last 24 hours.
Archax, in collaboration with the HBAR Foundation and digital asset platform Ownera, facilitated the introduction of this MMF on Hedera, following in the footsteps of abrdn, which the previous year had already started tokenizing its MMFs on the same network. abrdn, a leader in asset management in the UK, was a pioneer in this approach, setting a precedent for the use of tokenized funds.
Tokenized MMFs offer a number of operational and strategic advantages. Not only do they serve as safe and stable investment vehicles, but they also allow you to trade your shares on platforms like Archax. This innovation provides benefits such as instant transfer and the use of shares as collateral, expanding possibilities beyond traditional subscription and redemption operations.
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
Shayne Higdon, CEO of the HBAR Foundation, highlighted Hedera's unique qualities when commenting on the new addition: “The addition of tokenized MMF shares in Hedera, made possible by Archax, is a huge vote of confidence. Hedera’s unparalleled speed, security, and low-cost infrastructure are ideal for the institutional-grade tokenization of real-world assets made possible by Archax.”
The implementation of this tokenized MMF is a clear example of how blockchain are revolutionizing the financial market, providing greater liquidity, transparency and efficiency in financial operations. The market's positive reception to this news was also reflected in the appreciation of the HBAR cryptocurrency, which registered a significant increase after the announcement.
