Hedera’s Misinformation Fiasco Amid BlackRock’s Tokenization Moves, and XDC Network’s Rising Influence.
Recent market dynamics have revealed a troubling blend of misinformation and volatile trading within the cryptocurrency sector, particularly involving Hedera’s HBAR token and its purported association with BlackRock.
Hedera’s native HBAR token experienced a dramatic surge, rising over 107% before slipping by 25%, following a misinterpretation regarding BlackRock’s involvement in a fund tokenization project on the Hedera blockchain.
Despite social media claims to the contrary, BlackRock was not directly involved with the launch of a tokenized money market fund on Hedera. The decision to use Hedera for the ICS U.S. Treasury money market fund tokenization was made by Archax, not BlackRock, as clarified by Archax CEO Graham Rodford. This clarification comes amid criticisms of misleading marketing tactics used by Hedera supporters.
In contrast, the XDC Network, a platform dedicated to real-world asset (RWA) tokenization since its inception in 2019 has partnered with Yieldteq that has tokenize US Treasuries managed by BlackRock asset management last year.
The XDC Network community is creating eye-openers to educate and ensure the correct information flows within the industry, benefiting both institutional and retail investors with trustworthy information, rather than creating hype.
XDC Network’s commitment to solving practical problems through blockchain technology has established it as a critical player in the industry. With strategic partnerships and projects that enhance financial interoperability and efficiency, XDC Network’s ecosystem features a range of RWA projects, including tokenized US treasury USTY .
Whereas the recent article on Coindesk, ‘XDC Network: The Rising Real-World Asset Chain Shaping the Future of Asset Tokenization,’ has provided information on RWAs built and running successfully on XDC Network, including steps to build and get started with new RWA projects.
Price Action Comparison of HBAR and XDC
HBAR Price Action
HBAR’s 96% rally in the past day has pushed its price to $0.175 — a two-year high, and facing downtrend in price according to CoinGecko chart.
Below is an example of spending 1000 USDT to get HBAR now.
XDC price action
XDC’s 7% rally in the past day has pushed its price to $0.041 and facing uptrend in price according to CoinGecko chart.
Below is an example of spending 1000 USDT to get XDC now is 3x then that of HBAR.
As the cryptocurrency landscape continues to evolve, the need for accurate information and transparency becomes ever more critical. The recent events surrounding Hedera highlight the potential volatility and rapid shifts that can occur based on market perceptions and misinformation.
Investors and enthusiasts are advised to stay informed and critically evaluate the sources of information in this rapidly changing sector. As for XDC Network, its longstanding commitment to RWA tokenization and its proven track record may set a standard for others in the blockchain space looking to merge traditional financial assets with the digital world.
