VanEck Says One Altcoin Ecosystem Seeing Early Institutional Tokenization Interest Amid Surge in Stablecoins

Crypto asset management giant VanEck says that one altcoin project is flashing major signs of institutional adoption.

In a new report, VanEck highlights the growth of the Hedera (HBAR) ecosystem, which the firm notes in July, saw a price increase of over 70% due to a “wave of partnerships, network growth, and broadening institutional legitimization.”

VanEck named several examples of notable adoption of the Hedera network in July, including the Reserve Bank of Australia’s Project Acacia, which aims to explore the development of Australian wholesale tokenized asset markets.

Archax, the first regulated global digital asset exchange in the UK, also announced it would begin using the Hedera network for settlement purposes, VanEck notes.

“Institutional tokenization activity is also emerging. In late July, Archax created Hedera token contracts named after BlackRock, Fidelity ILF, State Street, Aberdeen Investments, and LGIM. Archax’s CEO confirmed these represent money market funds that could soon transact in HBAR, signaling early but still prelaunch interest in real-world asset tokenization on the network.”

And according to VanEck, stablecoin supply has exploded on Hedera. DefiLlama data shows that Hedera’s stablecoins are almost entirely driven by Circle’s USDC.

“Hedera’s on-chain activity was strong as Hedera’s transactions surged as did the supply of stablecoins on its blockchain.”

Source: VanEck

At time of writing, HBAR is trading at $0.24 with a market cap of $10.3 billion.

Follow us on X, Facebook and Telegram
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Surf The Daily Hodl Mix

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

The post VanEck Says One Altcoin Ecosystem Seeing Early Institutional Tokenization Interest Amid Surge in Stablecoins appeared first on The Daily Hodl.

44.69K

The content on this page is provided by third parties. Unless otherwise stated, OKX is not the author of the cited article(s) and does not claim any copyright in the materials. The content is provided for informational purposes only and does not represent the views of OKX. It is not intended to be an endorsement of any kind and should not be considered investment advice or a solicitation to buy or sell digital assets. To the extent generative AI is utilized to provide summaries or other information, such AI generated content may be inaccurate or inconsistent. Please read the linked article for more details and information. OKX is not responsible for content hosted on third party sites. Digital asset holdings, including stablecoins and NFTs, involve a high degree of risk and can fluctuate greatly. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition.