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U.S. Federal Reserve Embraces Micropayments Innovation with Dropp on Hedera Hashgraph
The U.S. Federal Reserve has taken a forward leap in payment technology by incorporating the micropayments platform "Dropp" onto the Hedera Hashgraph network. This integration has been seamlessly integrated into the FedNow instant payments platform and has significantly propelled the value of the HBAR token, recording a remarkable surge of over 15%.
Revolutionizing Digital Payments with Dropp
"Dropp" stands as an inventive digital alternative to conventional credit card payments, primarily designed to empower merchants. By facilitating swift digital transactions for small denominations, Dropp eliminates the burden of hefty transaction fees. Transactions can be conducted using various methods, including the HBAR token, Circle’s USDC stablecoin, or even the traditional U.S. dollar.
Impressive HBAR Token Momentum
The HBAR token has showcased impressive momentum in recent times, demonstrating a robust growth of nearly 50% since mid-June. Presently, the token's market valuation stands at an impressive $2.1 billion, underscoring its growing significance in the digital payment landscape.
Hashgraph Consensus for Unparalleled Speed
Hedera Hashgraph sets itself apart in the competitive blockchain ecosystem with its unique hashgraph consensus mechanism. This mechanism empowers Hedera to achieve unparalleled transaction speeds, enabling the execution of over 10,000 transactions per second. This rapid pace guarantees virtually instantaneous finalization of transactions, enhancing user experience and efficiency.
Compelling Hedera Performance Statistics
Research from Messari sheds light on Hedera's outstanding performance metrics. Daily active accounts on the platform have surged by an astonishing 288% year-to-date, surging from an initial 3,500 to a substantial 13,500 by the close of the second quarter in 2023. Simultaneously, the creation of new accounts has surged by an impressive 340% within the same timeframe. The rise in interest surrounding non-fungible tokens (NFTs), exemplified by the Web3 game Karateka developed by GameOn, has notably contributed to this surge. In contrast, the preceding year was marked by DeFi dominance.
Advancements and Expansions in the Hedera Ecosystem
Hedera's recent months have witnessed a series of enhancements and expansions. A notable development involved FreshSupplyCo (FSCO), an agrifood supply chain asset tokenization platform, adopting Hedera through its payment trigger API. This marked a substantial shift from its previous reliance on the now-discontinued private Mastercard Provenance blockchain. Furthermore, the Shinhan Bank of South Korea successfully conducted a trial for stablecoin remittances using Hedera's public network, showcasing the platform's real-world usability and potential.
As Hedera Hashgraph continues to foster innovation and collaboration, its integration into the Federal Reserve's payment landscape serves as a testament to its growing influence and potential to reshape the future of digital transactions.
