Hedera Debuts New Toolkit Called Asset Tokenization Studio, HBAR Underperforms

The users of the Studio will be able to trade tokenized bonds and securities and manage them securely on-chain, reducing the risks associated with off-chain management in the ERC-1400 standard, the unified standard for security tokens. 

Key Notes

Hedera has debuted a tokenization toolkit called the Asset Tokenization Studio.The toolkit allows users to trade, manage, and issue tokenized bonds and equities.HBAR has shown poor performance this cycle, down 91.2% from ATH.

Hedera HBAR $0.05 24h volatility: -1.2% Market cap: $1.83 B Vol. 24h: $25.55 M , a leading proof-of-stake blockchain, has shifted its focus to asset tokenization and debuted a new open-source toolkit called the “Asset Tokenization Studio”, which would include features “for the configuration, issuance, and management of tokenized bonds and equities on the Hedera network”.

According to the Asset Tokenization Studio website, the toolkit would allow users to implement tokenization features in less time with low risk, establishing dominance for Hedera in the RWA sector. However, despite the debut of this new toolkit, the native token of the Hedera blockchain, HBAR, has failed to print new higher highs amid a declining market.

HBAR is trading at $0.04977, down 0.56% in the past 24 hours and has dropped 1.20% in the past seven days.  The altcoin’s price has plummeted 5.13% in the past month, followed by a 1.37% crash since September 2023.

“The Studio enables users to keep the entire asset lifecycle on-ledger, including ownership of assets, compliance components like KYC and whitelisting, document handling, and notifications,” read the website.

The protocol explained that the users of the Studio will be able to trade tokenized bonds and securities and manage them securely on-chain, reducing the risks associated with off-chain management in the ERC-1400 standard, the unified standard for security tokens.

In a statement, Dr. Sabrina Tachdjian, Head of Fintech and Payments at the HBAR Foundation, stated that the goal of the new toolkit is to “empower issuers” so that they can accelerate their product development on the blockchain network using the Studio. Tachdjian believes that the new toolkit will eventually lead to massive growth in the adoption of the network.

“This initial release is a starting point as the Asset Tokenization Studio will grow to reflect the demand for additional features, asset classes, and jurisdictions,” added Tachdjian.

It is important to note that the Studio will have two options for its users, the first one being a WebUI for testing, followed by a second one, a TypeScript SDK for deployment. These tools are licensed by Apache 2.0 and are publicly available on GitHub, confirming that they are open-source services.

HBAR Price Analysis

Hedera (HBAR) has shown underwhelming performance during the current market cycle and is down 91.27% from its all-time high of $0.5701. In the past 24 hours, the digital asset reached a daily high of $0.05057 and then dropped to a low of $0.04896. The altcoin is ranked as the 42nd-largest cryptocurrency with a market cap of $1.84 billion.

As per the chart provided by TradingView above, the Relative Strength Index (RSI) for the HBAR price action reads a value of 43.86, which means that the bears are overall in control of the Hedera price action. However, the gradient of the line suggests that higher prices are possible in the short term.

Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.

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