Author: Nancy, PANews

On April 24th, Archax, a digital asset exchange regulated by the UK's FCA, announced a partnership with HBAR Fund to provide tokenized shares of BlackRock's US Treasury Money Market Fund. The news of Hedera's involvement in tokenizing the Abrdn MMF was interpreted as a positive signal by the market, leading to a temporary price surge of over 106% for the HBAR token, which has since retraced.

Meanwhile, despite BlackRock not being directly involved in the development of Hedera's MMF tokenization, its strong collaborative resources have been a focus of the market's attention. This year, Hedera has been actively supporting its own ecosystem.

Collaboration to Tokenize BlackRock MMF, First Multi-Million Dollar Transaction Completed

The announcement stated that in the current high-interest rate environment, MMFs (Money Market Funds) are useful tools with the potential to provide institutional stability and yield for underlying investments in short-term debt products, while reducing counterparty risk from a single bank or stablecoin provider. By creating a secondary market for tokenized tools, investors can have almost instant transferability of MMF shares around the clock, and these tokens can also be used for collateral transfer, not just traditional subscriptions/redemptions.

With the tokenization of BlackRock's ICS US Treasury Money Market Fund, users can now directly trade BlackRock MMF on the Archax platform or through on-chain networks without the need for the previous cumbersome application process. Currently, the first multi-million dollar tokenized stock transaction of BlackRock MMF has been completed on the Ownera Finp2P digital asset network, which was also tokenized on Hedera.

This collaboration is based on the tokenization of Abrdn MMF on Hedera and Ethereum blockchains in 2023. Abrdn is the UK's largest asset management company with assets under management exceeding $669.1 billion.

Graham Rodford, CEO and Co-founder of Archax, stated that different asset managers' MMFs may follow different underlying investment themes, such as investing in short-term government debt issuances, hence the need to provide a range of products to meet customer demands. By adding more funds to the tokenized MMF product portfolio, Archax has expanded the range of choices and served a wider range of customer needs.

Shayne Higdo, CEO of HBAR Foundation, expressed that with the support of Archax, adding tokenized MMF shares on Hedera demonstrates a great trust in Hedera. The speed, security, and low-cost infrastructure of Hedera have been validated, and they hope that more TradFi institutions will join Hedera to achieve more RWA use cases in the future.

The announcement also sparked misunderstandings, with Chris O'Connor, founder of Cardano Ghost Fund DAO, pointing out that BlackRock "did not participate" in the development of Hedera and criticizing the way the HBAR Foundation issued the announcement. He stated, "What actually happened is that the HBAR project tokenized BlackRock's fund shares through the secondary market. Just like I can buy a Rolex watch, take a picture, and post it on my X account, it doesn't mean Rolex is collaborating with me."

As a result, CoinGecko data shows that the price of the HBAR token has fallen approximately 23.5% from its peak after surging to $0.18.

Board members come from traditional giants, planning to allocate over $600 million for ecosystem development

The tokenization of BlackRock MMF shares trading on the chain is also an important reason for the heated discussion and speculation about Hedera. As one of the world's largest asset management groups with over $100 trillion in assets under management, BlackRock's layout in RWA has also been a focus of the market's attention.

However, Hedera has always been deepening its connections with giants. According to the latest official disclosure from Hedera, its board members come from many well-known native crypto institutions and traditional giants, including BitGo, Chainlink, Google, Boeing, Deutsche Telekom, Nomura Securities, IBM, DELL, LG, Ubisoft, General Mills, and Mondelez International, among more than 30 institutions.

The addition of these members has brought strong collaborative resources to Hedera, such as Google Cloud's collaboration with Hedera Hashgraph to operate its network nodes, gaming giant Ubisoft joining the Hedera Governing Council to further explore the crypto field, LG Electronics collaborating with Hedera to launch an NFT platform, and food company Mondelez International developing DLT-based solutions on Hedera, among others.

In addition to these board members, Hedera has also reached cooperation with other institutions in multiple fields such as payments, technical development, and automotive. For example, the Federal Reserve's instant payment system FedNow added support for Hedera's small-value payment platform Dropp as its service provider, Hedera signed a five-year cooperation agreement worth $250 million with the Saudi Investment Ministry and launched the "DeepTech Venture Studio" to develop technical solutions, Hyundai and Kia launched a carbon dioxide emissions monitoring system based on the Hedera network, and Hedera collaborated with the Algorand ecosystem to develop a new DeRec standard.

To date, Hedera's official data shows that its ecosystem projects have exceeded 80, covering DeFi, wallets, stablecoins, NFTs, metaverse, games, and exchanges. This year, Hedera has also begun to increase its support for ecosystem and technology landing. As early as January this year, the Hedera Governing Council announced that it had voted to allocate an additional 4.86 billion HBAR (currently valued at $680 million) for further development of the Hedera ecosystem and decentralized governance.

In summary, although there is a certain speculative element in Hedera's announcement regarding the "tokenization of BlackRock funds," its rich partner resources and substantial support for the ecosystem are attracting significant market attention.

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