Why is HBAR (Hedera’s Cryptocurrency Token) Trending?

Over the past few days HBAR, the native token on Hedera, has been trending on social media. Additionally, the price of HBAR has risen significantly (gaining just over 21% in the past 7 days).

So why is HBAR suddenly trending on social media? Well, Hedera has been busy working during the bear market, and over the past couple of weeks, they’ve announced a few exciting partnerships and use cases for their energy-efficient and low-cost DLT. Let’s have a look at what Hedera has been up to…

Real-Time Settlement and Foreign Exchange Integration

One of the notable developments in the Hedera ecosystem was the successful completion of a stablecoin remittance proof-of-concept (PoC) pilot involving Shinhan Bank, SCB TechX, and a major financial institution in Taiwan.

This PoC, built on Hedera’s highly efficient and eco-friendly open-source public network, achieved real-time settlement and real-time foreign exchange (FX) rate integration across multiple currencies, including the Thai Baht (THB), New Taiwan dollar (NTD), and South Korean won (KRW).

This accomplishment highlights the practical application of Hedera’s infrastructure in facilitating seamless cross-border transactions.

Integration into Supply Chain Technology

Further driving Hedera’s surge in popularity on social media is its integration into the Continuity payment trigger API, a pioneering move made by Fresh Supply Co (FSCO) in the supply chain sector. By utilizing the Continuity API, Hedera has forged connections with ACH (bank-to-bank payments), the Mastercard network, and upcoming Mastercard web3 and digital asset products.

FSCO said that their decision to leverage Hedera came after rigorous testing of various blockchain networks, with scalability, low fixed fees, and sustainability standing out as key value propositions.

Carbon Emission Monitoring on Hedera

Also just last week Hyundai Motor Company and Kia Corporation launched their Supplier CO2 Emission Monitoring System (SCEMS) on the Hedera network. This blockchain-based system computes carbon emissions throughout the supply chain, facilitating accurate data collection from raw material procurement to product transportation.

See Also

Tether now available on Polygon Network

The combination of AI technology and Hedera’s high-performance DLT network empowers SCEMS to set carbon reduction targets and predict future emissions, underscoring the network’s potential to address environmental challenges.

This is not the first environment-focused use case on the Hedera network. Read more about Hedera’s green credentials here and here.

Hedera (HBAR)

Price

$ 0.110669