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HBAR FOUNDATION INVESTS IN TOKENIZED FIDELITY USD MONEY MARKET FUND
The HBAR Foundation has announced an investment in Archax’s tokenized shares of Fidelity International’s USD Money Market Fund.
Archax, the first FCA-regulated digital asset exchange, broker, and custodian, recently tokenized the MMF on the Hedera network.
The tokenized shares, available on the Archax platform, allow institutional investors to gain exposure to the fund through blockchain technology. These digital assets can also serve as proof-of-reserves for stablecoin treasury verification, enhancing transparency within the broader digital finance ecosystem, according to a company announcement.
The move highlights Hedera’s expanding role in institutional tokenization while advancing Fidelity International’s efforts to bring traditional financial products on-chain.
Last December, Hedera integrated Chainlink’s Data Feeds and Proof of Reserve on its mainnet to support DeFi and tokenized real-world assets. This followed a partnership between the HBAR Foundation and Chainlink, giving developers access to high-quality data and on-chain reserve verification.
Strategic investment
Gregg Bell, Senior Vice President at the HBAR Foundation, emphasized the strategic importance of the investment, stating, “Looking ahead to 2025, real-world asset tokenization will be a key catalyst for blockchain adoption. Our vision for a fully tokenized financial ecosystem aligns with Fidelity International’s commitment to innovation.”
He added that partnering with asset managers like Fidelity International is essential for accelerating institutional adoption.
The investment further strengthens Hedera’s push into institutional markets by leveraging its high-throughput infrastructure. The network’s ability to provide low-cost, fixed-fee transactions makes it an appealing option for financial institutions exploring tokenization.
The collaboration between the HBAR Foundation, Archax, and Fidelity International reflects a broader industry shift toward blockchain-powered financial products. As more institutions explore tokenization, partnerships like this could pave the way for greater adoption of digital asset infrastructure in traditional markets.
@ Newshounds News™
Source: CryptoNews
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BRICS NEWS: BRAZIL PLANS TO REJECT BRICS CURRENCY
Brazil is considering dropping the idea of forming a new BRICS currency as it chairs the 17th summit in Rio De Janeiro in July 2025. Four government officials on the condition of anonymity revealed to Reuters that President Luiz Lula da Silva is planning to nix the idea of a common currency. The alliance is under pressure from Trump who threatened to impose tariffs if they ditch the US dollar.
The idea of developing a new BRICS currency could draw the ire of US President Donald Trump, who has vowed to crush anyone who plans to ditch the dollar for trade. Just recently, BRICS member India also denounced the formation of a new currency and embraced the US dollar for cross-border transactions.
After Rejecting BRICS Currency, Brazil Wants to End Reliance on the US Dollar
A government official revealed that Brazil wants to shelve BRICS currency but also aims to reduce dependency on the US dollar.
The source explained that Brazil will provide solutions for ending reliance on the US dollar at the upcoming summit. The 17th summit is scheduled to take place on July 6-7 with the nine member countries being in attendance.
Two out of the nine BRICS countries have rejected the idea of the formation of a new currency. Only Russia, China, and Iran are aggressively advancing the de-dollarization agenda to uplift their respective economies. Russia and Iran are reeling under pressure due to sanctions and are desperate to trade in local currencies.
On the other hand, China is looking to dominate the global finances by pushing the Chinese yuan for trade. India is distancing itself from the idea fearing that China is using BRICS as a stepping stone to advance its global agenda. The cracks in BRICS are wide open even before the alliance has made the currency a reality.
@ Newshounds News™
Source: Watcher Guru
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WHAT IS DOGE DIVIDEND CHECK? WILL YOU GET $5,000 STIMULUS CHECK? HERE’S WHAT TO KNOW
Wondering if you should expect a $5,000 check from DOGE? And, is it a stimulus, dividend or refund? Here’s what we know so far about what it is and who would potentially get it.
President Donald Trump said he’s considering a plan to pay out $5,000 stimulus checks to taxpayers in the form of a ‘DOGE dividend’ during a speech on Wednesday. He explained it as part to take 20% of the savings identified by Elon Musk’s Department of Government Efficiency (DOGE) and give it back to the American taxpayers.
This ‘DOGE dividend’ idea was previously floated on Tuesday by Azoria investment firm CEO James Fishback on Musk’s social media platform X, suggesting President Trump and Musk “should announce a ‘DOGE Dividend’ — a tax refund check sent to every taxpayer, funded exclusively with a portion of the total savings delivered by DOGE.” To which, Musk replied “Will check with the President.“
“The numbers are incredible, Elon. So many millions, billions — hundreds of billions,” Trump said in his speech. “And we’re thinking about giving 20% back to the American citizens, and 20% down to pay back our debt.”
The US national debt totaled $35.5 trillion in the 2024 fiscal year, a $1.4 trillion increase from 2023, according to the Treasury Department and US debt-to-GDP ratio rose by 2 percentage points in fiscal year 2024 from 2023.
Trump didn’t share any further specifics or details about the possible ‘DOGE dividend’ or its certainty.
Albeit, Fishback’s four-page proposal of the ‘DOGE dividend’ described it as a refund “sent only to tax-paying householders.“
Noting the difference from past stimulus checks, he added that DOGE checks would not be inflationary as they would be “exclusively funded with DOGE-driven savings, unlike COVID stimulus checks which were deficit-financed.“
By definition, a dividend is a distribution of profits by a corporation to its shareholders and refund is a payment made back to a user that previously paid for something. A stimulus check on the other hand, is a direct payment to encourage spending and stimulate the economy by putting money directly into the consumers’ hands.
What is DOGE?
The Department of Government Efficiency (DOGE), officially the U.S. DOGE Service Temporary Organization, is an initiative created by Trump and led by ‘special government employee’ Musk.
The mission of DOGE was to slash federal spending, deregulation and “modernize federal technology and software to maximize governmental efficiency and productivity.”
How much has DOGE saved?
At the time it was introduced, DOGE’s effort was to save as much as $2 trillion dollars a year. DOGE claims to have already saved $55 billion in government cuts so far, but the figure has not been verified.
The agency has made drastic cuts across federal agencies, including mass firings of federal workers. Some agencies that have already seen cuts include the United States Agency for International Development (USAID), the Department of Education, the National Institutes of Health, the Centers for Disease Control and Prevention, and the Consumer Financial Protection Bureau.
@ Newshounds News™
Source: USA Today
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