FedNow Embraces Dropp, Boosting Hedera's Standing and HBAR Price
The introduction of the Dropp service by the US payment service FedNow caused the price of Hedera Hashgraph (HBAR) to rise in August 2023.
In a significant development, FedNow, the instant payment solution backed by the Federal Reserve, announced its incorporation of Dropp, a payment service built on Hedera's decentralized ledger platform.
Dropp revolutionizes small payments, offering a secure and cost-effective alternative to credit cards and traditional banking services. Operating on hashgraph technology, Hedera sets itself apart from conventional blockchains.
Hedera's Reach Widens with FedNow's Inclusion
One of Dropp's key advantages lies in its accessibility. The FedNow Service caters to financial institutions of all sizes across the United States. This inclusive approach not only broadens Dropp's user base but also solidifies Hedera's reputation as an efficient blockchain alternative.
In a bid to dominate the stablecoin market, Hedera (HBAR) Hashgraph integrates Stablecoin Studio, empowering enterprises with a suite of tools to develop stablecoin applications. This includes oracle-based proof-of-reserves functionality, KYC/AML compliance tools, and custody provider integration.
Hedera's lightning-fast transaction speeds, exceeding 10,000 TPS, coupled with lower costs, provide developers with an unparalleled platform.
Utilising Hedera Network for Stablecoin Studio
Hedera Hashgraph aspires to be a market leader in stablecoin technology. The developers stated in a statement that they have incorporated Stablecoin Studio into Hedera, giving organisations a comprehensive suite of solutions for developing stablecoin apps.
The integration of Dropp and Stablecoin Studio catapulted HBAR prices to new heights. This surge triggered a remarkable 77% increase in open interest within the futures market, amounting to a staggering $30 million. Binance, the world's largest crypto exchange, led the charge with $14 million in interest, followed closely by Bybit, BingX, and Bitget.
Hedera (HBAR) Price Analysis
As per CoinStats, the current price of Hedera is $0.051016, up 5.68% in the last 24 hours, with a market worth of $1.7B. It has a circulating supply volume of 50,000,000,000 HBAR coins and a maximum supply volume of 50,000,000,000, with a 24-hour trading volume of $111M.
Source: CoinStats
The 4H chart reveals that the HBAR price has recently produced a strong breakout. It has managed to convert the critical resistance level of $0.047 into a resistance. This was an important price because it was the lowest level between September 2nd and September 10th.
HBAR price has risen above the 25-period and 50-period moving averages, while the Relative Strength Index (RSI) has risen over the overbought level. It also retested the August 17th low swing.
Source: TradingView
Conclusion
In conclusion, Hedera Hashgraph's recent milestones in both micropayments and stablecoin technology are propelling it to the forefront of the cryptocurrency landscape. The integration of Dropp and Stablecoin Studio showcases the platform's versatility and its ability to cater to a wide range of financial needs. As HBAR continues to soar, it becomes evident that Hedera Hashgraph is not merely a contender, but a trailblazer in the world of blockchain innovation.
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