HBAR Token Surges 110% Following Misunderstood BlackRock Fund Tokenization
On April 23, the HBAR Foundation, the developer behind the Hedera blockchain, announced the tokenization of BlackRock’s US Treasury Money Market Fund (MMF). Following the announcement, the HBAR token surged by 110%.
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
The announcement led the community to believe that the world’s largest asset manager had partnered with Hedera, as suggested by attached images and videos featuring company logos.
However, BlackRock was not involved in the tokenization of the MMF. This coincidence caused confusion on social media.
BLACKROCK JUST TOKENIZED ONE OF THEIR MONEY MARKET FUNDS ON HEDERA $HBAR! ? https://t.co/0TCxUfGjKa
— MASON VERSLUIS (@MasonVersluis) April 23, 2024
Chris O’Connor, founder of Cardano Ghost Fund DAO, emphasized that BlackRock “was not involved” in the development of Hedera and criticized the HBAR Foundation for misleading wording.
#Cardano fam, it gets so tiresome!
To be clear. Blackrock the actual institution did NOT select HBAR for tokenizing a fund of theirs. Blackrock had no involvement whatsoever and has no connection to the protocol.
What did happen was a HBAR project through the secondary market… https://t.co/0IeFo0xUPv
— Chris O (@TheOCcryptobro) April 23, 2024
“The HBAR project tokenized secondary market shares of BlackRock’s fund. It’s like buying a Rolex, photographing it, and posting it on my X-account. That doesn’t mean Rolex is ‘partnering’ with me,” O’Connor added.
Following the announcement, HBAR rose from $0.08 to $0.17. At the time of writing, the asset is trading at $0.14, with a market capitalization of $5.1 billion.
In July 2023, South Korea’s Shinhan Bank and Hedera tested cross-border payments using stablecoins.
In March, the blockchain platform suffered an attack resulting in the theft of an undisclosed amount.
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