State Street Global Advisors Europe Limited and BlackRock, two prominent firms within the financial sector, have announced the deployment of multiple money market funds (MMFs) utilizing Hedera Hashgraph (HBAR). This significant move was revealed in recent research conducted by SMQKE, a blockchain researcher specializing in distributed ledger technology (DLT) integration within banking frameworks.
For the European component of this initiative, State Street Global Advisors has launched six money market funds across three major fiat currencies—USD, GBP, and EUR—on Hedera’s network. This deployment is facilitated through Archax, a crypto custodian and institutional brokerage that also services BlackRock. The American digital asset manager is reportedly following a similar strategy to that of State Street, indicating a concerted effort by these financial giants to integrate blockchain technology into their operations.
The introduction of these six new MMFs reinforces HBAR’s reputation as an asset compliant with institutional standards. HBAR is classified as an ISO 20022-compliant token, placing it alongside other notable cryptocurrencies like XRP and Stellar Lumens (XLM). The recent activation of the new gold standard by SWIFT further augments the appeal and adoption prospects for HBAR in institutional settings.
This strategic shift toward digital assets that comply with regulatory frameworks signals an essential liquidity transition within the financial landscape. Such institutional validation could enable HBAR to weather economic downturns and broaden its integration within established payment services. Notably, HBAR was one of the first cryptocurrencies to secure a standalone exchange-traded fund (ETF), following Ripple’s (XRP) market entry.
Since its launch nearly five months ago on NASDAQ, Canary Capital’s HBAR ETF has attracted approximately $91.88 million, according to data from SoSoValue. While this figure lags behind Solana (SOL) with $932.12 million and Ripple (XRP) with $1.24 billion during the same timeframe, HBAR has gained more traction compared to other ETF-approved altcoins, like Litecoin (LTC), Dogecoin (DOGE), and Avalanche (AVAX). Only Chainlink (LINK) comes close, with $85.37 million in two active ETFs listed on traditional exchanges.
The recent developments reflect a growing trend of institutional adoption of tokenized financial products. Archax, a fully regulated digital asset exchange in the UK, has successfully tokenized money market funds from major asset managers, such as BlackRock, State Street, Aberdeen, and Legal & General. This accomplishment underscores Hedera’s capabilities, demonstrating its speed, low transaction costs, security, and enterprise-grade features suitable for traditional finance (TradFi) applications.
As interest in tokenized money market funds rises, players within the financial markets are increasingly drawn to platforms like Hedera, which offer a progressive approach to asset management. By facilitating investments that prioritize stability and liquidity, HBAR positions itself as a viable alternative in a rapidly evolving financial landscape.
