A significant development occurred on the Hedera blockchain: new tokens representing money market funds from major financial institutions like BlackRock and Fidelity have emerged.
New Tokens on the Hedera Platform
User @hbarTaTa shared screenshots showing over 25 new tokens on the Hedera network. Among the token names are:
* BlackRock ICS US Dollar Liquidity Fund * Fidelity ILF – The United States Dollar Fund * State Street USD Treasury Liquidity Fund * abrdn Liquidity Fund (Lux) * LGIM Euro Liquidity Fund
There has been no official word from the listed companies yet, but many believe Archax, a regulated exchange focused on tokenizing real-world assets, may be involved.
Potential Implications for the Financial Market
Money market funds are widely used by institutions to manage liquidity. Bringing these funds onto the blockchain could simplify and reduce the cost of management. Additionally, it could speed up transactions and increase transparency. If these new tokens are indeed backed by actual institutional funds, it could represent a significant step towards the adoption of public blockchains in serious financial applications.
HBAR Price and Its Prospects
HBAR, the native token of Hedera, has risen from $0.14 to $0.28 in the past month, marking a 100% increase. With this news, traders believe it could reach its all-time high of $0.50. However, it is essential to stay cautious as there is currently no confirmation from the mentioned institutions.
The emergence of new tokens on the Hedera platform suggests a potential strengthening of relationships with major financial players and opens new opportunities for utilizing blockchain in the financial sector.
