HBAR and ALGO Rise as Traders Extend U.S. Institutional Token Narrative
HBAR gained about 30% on Sept. 28, while ALGO rose more than 25% from its early-September low. Both moves followed a sharp rally in Quant’s QNT.
Hedera’s HBAR and Algorand’s ALGO have extended a market rotation into tokens associated with U.S. institutional infrastructure, following a sharp rally in Quant’s QNT and renewed attention on regulated-market use cases.
HBAR rose about 30% on Sept. 28, climbing from roughly $0.096 to $0.125. ALGO gained more than 25% from its early-September low of about $0.085 and moved above $0.11.
The moves followed QNT’s gain of more than 300% in a week after The Clearing House selected Quant’s Overledger technology for a planned tokenized-deposit network. The Clearing House is owned by 25 major U.S. banks and processes more than $2 trillion in transactions daily.
The project is scheduled for 2027, and the announcement did not establish that QNT itself would be required. Quant’s platform uses QNT for access licensing, but an institutional deployment does not necessarily create the same token demand as retail trading.
QNT also became highly extended during the move. The token gained more than 60% in one day, while its relative strength index exceeded 96. Its total supply is about 14.61 million tokens, with roughly 12.07 million in circulation.
The sharp move had already been covered in TokenPost’s report on Quant’s U.S. tokenized-deposit network. The latest rotation has shifted attention toward HBAR and ALGO, although the available catalysts do not yet demonstrate equivalent increases in token usage.
HBAR’s move has been supported by the addition of The Hashgraph Group’s IDTrust identity platform to the IBM Cloud Catalog on Sept. 23. The Hashgraph Group also received IBM silver partner status.
The listing could provide a channel for IBM sales teams to recommend the identity platform, but no related revenue or enterprise deployment figures have been disclosed. Inclusion in the catalog does not establish how widely the product will be used or how much HBAR would be consumed.
The Canary HBAR ETF, which listed on Nasdaq in October 2025, held about 704 million HBAR as of July 30. Its net assets were about $47.8 million, equal to roughly 1.5% of HBAR’s circulating supply. The fund recorded $818,000 in net inflows on Sept. 10, its largest one-day inflow since Aug. 25.
That inflow was modest compared with HBAR’s one-day price increase. Open interest also fell 1.48% during an 18% price increase, a pattern consistent with spot-market buying and short covering rather than a broad buildup of futures positions.
ALGO’s September advance combines technology, leadership and regulatory narratives. Algorand launched its v5.0.0 post-quantum security upgrade on Aug. 22. William Herkelrath, a former Chainlink executive, became Algorand’s CEO on Sept. 9.
On Sept. 17, the Securities and Exchange Commission issued a temporary exemption allowing tokenized U.S. securities to trade on permissioned venues. The decision fits Algorand’s permissioned-network positioning, but the connection remains a market narrative rather than evidence of new ALGO demand.
Algorand has about 9.03 billion tokens in circulation out of a total supply of 10 billion. With more than 90% of the supply already circulating, future price gains depend on additional demand rather than supply-side reductions.
QNT, HBAR and ALGO are also discussed alongside Stellar’s XLM and XDC Network’s XDC under a broader market narrative focused on U.S. institutions, compliance and financial infrastructure. The label connects different projects with banking, tokenized assets and enterprise adoption, but their token economics and commercial use cases differ.
For HBAR and ALGO, the central issue is whether corporate partnerships, regulatory developments and technical upgrades will produce measurable network activity and token usage. The next major timetable attached to the institutional-token narrative is the planned 2027 launch window for The Clearing House’s tokenized-deposit network.
