The US central bank, the Fed, announced in late July that it had launched FedNow, a payment system that allows US citizens to send and receive money instantly, 24/7.
FedNow system, which allows consumers and businesses to send and receive money in seconds, 24/7, chose Hedera Hashgraph's (HBAR) Dropp payment platform as its service provider.
Built on Hedera Hashgraph, Dropp currently allows small-size payments in HBAR, USD and USDC.
FedNow's move means banks and other financial services companies can use Hedera's Dropp platform for real-time payments via FedNow.
Hedera has made a name for herself with the partners she has made recently. At this point, Hyundai and Kia announced that they have established a partnership with Hedera.
Hedera (HBAR) price rose 15% after FedNow announced it was supporting the Hedera-powered Dropp platform.
HBAR continues to trade at $ 0.065 at the time of writing.
It was stated that FedNow was launched with 41 banks and 15 service providers, including the largest US banks JP Morgan Chase, BNY Mellon, WellsFargo, and the payment network is expected to expand further by the end of the year.
*Not investment advice.