- Hedera’s new deal bridges the gap between traditional finance and crypto.
- BlackRock’s money market fund (MMF) launch on Hedera boosts HBAR by 60%.
- Crypto analysts highlight historical levels to watch ahead of HBAR’s new ATH.
The tokenized Real World Asset (RWA) section is making a huge step forward, as BlackRock’s ICS U.S. Treasury money market fund (MMF) was deployed on Hedera Hashgraph (HBAR). Following the breaking news, Hedera’s native token, HBAR, soared by 60% over the past 24 hours.
This is a game-changing moment for the tokenized assets industry, as well as crypto – BlackRock is currently the gold standard of asset management. Bringing in BlackRock’s MMF on-chain allows institutional players to grow their Real World Asset (RWA) portfolio directly on Hedera.
This is done in partnership with Archax, the inaugural FCA-regulated digital asset exchange, which also serves as a custodian and crypto broker. The UK-based Archax exchange has been given the green light to tokenize BlackRock’s ICS US Treasury money market fund (MMF) on Hedera’s distributed ledger.
What’s Standing In The Way Of HBAR’s New Heights?
A double-digit bull run ensued for HBAR, the native token of Hedera Hashgraph, right after BlackRock’s ICS U.S. Treasury money market fund (MMF) was officially announced. In a single day, HBAR nearly doubled its market capitalization from $3.136 billion to a colossal $6.257 billion in the early hours of Wednesday, April 24, 2024.
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This accomplishment brings Hedera to early 2022 levels, when HBAR was hovering above the $0.20 price milestone until April 2022. Later severely challenged by Terra Luna’s UST demise, HBAR couldn’t hold below the $0.13 resistance level. However, BlackRock’s tokenization on Hedera’s chain completely turned the tables upside down.
With Hedera’s recent remarkable surge putting HBAR above $0.18 for the first time in two years, cryptocurrency analysts are now calculating the next HBAR target. To illustrate, crypto trader CrediBull Crypto sets their eyes on HBAR’s $0.20 resistance line, which is also dubbed “the only thing standing in the way of new all-time highs”, according to the analyst’s tweet.
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As HBAR’s main hurdle on the way up underlies the $0.20 resistance levels, CrediBull Crypto believes that a breakout will happen sometime, but is unconvinced that HBAR could break this barrier on its first attempt. At press time, HBAR trades at $0.1269, according to CoinGecko.
On the Flipside
- BlackRock is not the first institutional investment heavyweights to have stored their MMFs on Hedera’s Hashgraph.
- Last year, the UK-headquartered Abrdn investment managers launched their money market funds (MMFs) on Hedera.
Why This Matters
Ventures that employ tokenized real-world assets are beneficial for both traditional and digital finance, as it merges advanced technology with real-world value.
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