{"id":12866,"date":"2024-04-24T10:17:47","date_gmt":"2024-04-24T07:17:47","guid":{"rendered":"https:\/\/forklog.com\/en\/hbar-token-surges-110-following-misunderstood-blackrock-fund-tokenization\/"},"modified":"2024-04-24T10:17:47","modified_gmt":"2024-04-24T07:17:47","slug":"hbar-token-surges-110-following-misunderstood-blackrock-fund-tokenization","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/hbar-token-surges-110-following-misunderstood-blackrock-fund-tokenization\/","title":{"rendered":"HBAR Token Surges 110% Following Misunderstood BlackRock Fund Tokenization"},"content":{"rendered":"<p>On April 23, the HBAR Foundation, the developer behind the Hedera blockchain, announced the tokenization of BlackRock&#8217;s US Treasury Money Market Fund (MMF). Following the announcement, the HBAR token surged by 110%.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Today we witness <a href=\"https:\/\/twitter.com\/hashtag\/RWA?src=hash&#038;ref_src=twsrc%5Etfw\">#RWA<\/a> history as <a href=\"https:\/\/twitter.com\/BlackRock?ref_src=twsrc%5Etfw\">@BlackRock<\/a>\u2019s ICS US Treasury money market fund (MMF) is tokenized on <a href=\"https:\/\/twitter.com\/hedera?ref_src=twsrc%5Etfw\">@Hedera<\/a> with <a href=\"https:\/\/twitter.com\/ArchaxEx?ref_src=twsrc%5Etfw\">@ArchaxEx<\/a> and <a href=\"https:\/\/twitter.com\/OwneraIO?ref_src=twsrc%5Etfw\">@OwneraIO<\/a>, marking a major milestone in asset management by bringing the world\u2019s largest asset manager on-chain ? <a href=\"https:\/\/t.co\/1Kye8cjAJx\">pic.twitter.com\/1Kye8cjAJx<\/a><\/p>\n<p>\u2014 HBAR Foundation (@HBAR_foundation) <a href=\"https:\/\/twitter.com\/HBAR_foundation\/status\/1782759384742813951?ref_src=twsrc%5Etfw\">April 23, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The announcement led the community to believe that the world&#8217;s largest asset manager had partnered with Hedera, as suggested by attached images and videos featuring company logos.<\/p>\n<p>However, BlackRock was not involved in the tokenization of the MMF. This coincidence caused confusion on social media.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">BLACKROCK JUST TOKENIZED ONE OF THEIR MONEY MARKET FUNDS ON HEDERA <a href=\"https:\/\/twitter.com\/search?q=%24HBAR&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$HBAR<\/a>! ? <a href=\"https:\/\/t.co\/0TCxUfGjKa\">https:\/\/t.co\/0TCxUfGjKa<\/a><\/p>\n<p>\u2014 MASON VERSLUIS (@MasonVersluis) <a href=\"https:\/\/twitter.com\/MasonVersluis\/status\/1782781734003863768?ref_src=twsrc%5Etfw\">April 23, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Chris O\u2019Connor, founder of Cardano Ghost Fund DAO, emphasized that BlackRock &#8220;was not involved&#8221; in the development of Hedera and criticized the HBAR Foundation for misleading wording.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/Cardano?src=hash&#038;ref_src=twsrc%5Etfw\">#Cardano<\/a> fam, it gets so tiresome!<\/p>\n<p>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.<\/p>\n<p>What did happen was a HBAR project through the secondary market\u2026 <a href=\"https:\/\/t.co\/0IeFo0xUPv\">https:\/\/t.co\/0IeFo0xUPv<\/a><\/p>\n<p>\u2014 Chris O (@TheOCcryptobro) <a href=\"https:\/\/twitter.com\/TheOCcryptobro\/status\/1782861986243764255?ref_src=twsrc%5Etfw\">April 23, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;The HBAR project tokenized secondary market shares of BlackRock&#8217;s fund. It&#8217;s like buying a Rolex, photographing it, and posting it on my X-account. That doesn&#8217;t mean Rolex is &#8216;partnering&#8217; with me,&#8221; O\u2019Connor added.<\/p>\n<\/blockquote>\n<p>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 <a href=\"https:\/\/www.coingecko.com\/en\/coins\/hedera\">$5.1 billion<\/a>.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-eu.googleusercontent.com\/AZK0-r9CFvWfeXUyqimLyJy9dhkn2IEaJfCWCRBauBSocGWRMhKeFNEC06jyxI_3ApzUQJZaHX3I8t-UAKTKRJv_ZhNT4NnIXgFEoMf3gMq2WczACEOlJoTDdHIGmdmA7wRiJGW5VoYf2awXqMZJv_4\" alt=\"HBAR token surges 110% following BlackRock fund tokenization\"\/><figcaption class=\"wp-element-caption\">15-minute HBAR\/USDT chart from Binance. Data: <a href=\"https:\/\/www.tradingview.com\/symbols\/HBARUSDT\/\">TradingView<\/a>.<\/figcaption><\/figure>\n<p>In July 2023, South Korea&#8217;s Shinhan Bank and Hedera tested cross-border payments using stablecoins.<\/p>\n<p>In March, the blockchain platform suffered an attack resulting in the theft of an undisclosed amount.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On April 23, the HBAR Foundation, the developer behind the Hedera blockchain, announced the tokenization of BlackRock&#8217;s US Treasury Money Market Fund (MMF). Following the announcement, the HBAR token surged by 110%. Today we witness #RWA history as @BlackRock\u2019s ICS US Treasury money market fund (MMF) is tokenized on @Hedera with @ArchaxEx and @OwneraIO, marking [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":12865,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1282,865,1365],"class_list":["post-12866","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-asset-tokenization","tag-blackrock","tag-hedera-hashgraph"],"aioseo_notices":[],"amp_enabled":true,"views":"40","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/12866","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=12866"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/12866\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/12865"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=12866"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=12866"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=12866"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}