BTCUSDT Canary Funds has filed an application with the U.S. SEC for an HBAR ETF. HBAR is the native cryptocurrency of the Hedera network, which is renowned for its enterprise-grade distributed ledger technology, supporting asset tokenization, Web3 deployments, and NFT issuance.
HBARUSD Archax is a portfolio company of ABRDN, and BlackRock has a 10% stake in ABRDN. Further, ABRDN is a Hedera Council member. BlackRock doesn’t need to have a direct commercial relationship with Hedera. It remains that BlackRock and ABRDN have their assets tokenized on Hedera. That’s bullish, imo.
HBARUSD BlackRock not having a direct commercial interest in Hedera might be better in the long run. It means the decision to use Hedera was made purely on its technical merits by third-party firms like Archax, which chose Hedera for its capabilities.