An altcoin is preparing for October. In the rapidly evolving environment of WEB3, having a well-thought-out strategy is crucial for success. Hedera, a leading blockchain network, announced its ambitious 5-year plan. Accordingly, it marked a strategic shift towards stablecoins and a mission to empower unbanked regions. This strategic shift positions Hedera to bridge the gap between digital assets and traditional finance. It also aims to grow exponentially with a strong focus on emerging markets, especially in the field of international remittances.
Efficiency in international remittances for altcoins
Altcoin Hedera’s strategy is not just a theoretical concept but is based on real-world experiments. The network recently conducted a stablecoin remittance trial in collaboration with multiple global financial institutions. This trial, involving a transaction between Taiwan and South Korea, facilitated the transaction with a minimal cost of just 5 cents and a fast average transaction time of 2.5 seconds. Accordingly, this demonstrated the efficiency of Hedera.
This corporate and institutional adoption has been thrown into the limelight with the recent release of @PayPal’s PYUSD.
Alongside this, a number of financial institutions are actively researching the issuance and operation of tokenized deposits.
— HBAR Foundation (@HBAR_foundation) September 21, 2023
Empowering unbanked individuals is a common goal among leading blockchain networks. Altcoin Hedera is actively partnering with WiPay Caribbean, a financial giant in the Caribbean, to make this vision a reality. Together, they will leverage a stablecoin called WiCoin USD on the Hedera network. This partnership represents just one aspect of Hedera’s commitment to capitalizing on the vast opportunities offered by emerging markets.
Stablecoin adoption accelerated by Stablecoin Studio
Altcoin Hedera’s strategic arsenal also includes the recently released Stablecoin Studio, an open-source SDK (Software Development Kit). This innovative tool seeks to accelerate stablecoin adoption. It is also poised to further solidify the long-term potential of the altcoin Hedera. The network states that this strategic move will not only benefit stablecoin issuers. On the other hand, he predicts that it will also improve the value proposition of the local cryptocurrency Hedera (HBAR) in the long run.
Hedera’s long-term strategy paints a promising picture. Additionally, altcoin HBAR faces short-term challenges. Initially, HBAR started a healthy relief rally, rising as much as 16%. However, this upward momentum appears to have waned. Accordingly, HBAR is currently trading at $0.05.
Short-term outlook: Profit-taking prevails
Examining the performance of Altcoin HBAR, it appears that the bullish momentum is encountering resistance at the 50% Relative Strength Index (RSI) level. This sheds light on the current demand scenario. It also shows a focus on short-term profit taking. The market appears to lack the momentum needed to break out of its low range.
Further analysis reveals a decrease in on-chain volume in recent days. Accordingly, this is in stark contrast to the mid-month volume increase during the rally. This discrepancy underscores HBAR’s inability to sustain its previous bullish demand. Additionally, when we look at cryptokoin.com, the dominant sentiment has pulled back, confirming the existence of weak short-term sentiment.
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