This announcement resulted in a 16% rise in the HBAR token.

Why is the Hedera (HBAR) Token Rising?

The US Federal Reserve‘s (Fed) instant payment service officially launched its instant payment service, FedNow, on July 20.

Banks and credit institutions have added the Dropp micro-payment platform built on Hedera Hashgraph to their list of service providers for FedNow, which they can now use for money transfers whenever they wish.

Thanks to this development, banks and other financial service companies seeking micro-payment services will be able to use Hedera’s Dropp platform for instant payments via FedNow.

Along with this, HBAR, USD, and USDC became the third asset added to the list of service providers.

Following these developments, HBAR recorded a rapid rise of 16%. The HBAR price increased by almost 28% over the past month.

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