Hedera Hashgraph’s HBAR token took the lead among major cryptocurrencies on Monday with a gain of 15% over the last 24 hours, after the U.S. Federal Reserve’s FedNow added a Hedera Hashgraph-based micropayments platform, Dropp, as a service provider. The gain came as FTX founder Sam Bankman-Fried was sent back to jail ahead of his October trial on seven federal criminal charges. Bank of America wrote in a research report last week that PayPal’s new stablecoin, PayPal USD (PYUSD), won’t likely be adopted widely anytime soon.
Hedera Hashgraph, a public distributed ledger based on a Hashgraph algorithm, allows users to process transactions quickly and cheaply. Bitcoin and Ethereum were trading flat on Monday after trading in a tight range over the weekend. FTX founder Sam Bankman-Fried was sent back to jail after a federal judge revoked his release on bond, saying the former crypto heavyweight appears to have tried to tamper with witnesses. Bankman-Fried’s lawyers said they will appeal the decision. Bank of America’s research report noted that investors may have been fine holding non-yield bearing stablecoins such as Tether (USDT) and USD Coin (USDC), when rates were close to zero, but yield-bearing stablecoins will likely become increasingly available and attractive with short-term rates above 5%.