HBAR's Regulatory and Institutional Catalysts in 2025: Can It Become a Pro-Dollar National Asset?

In 2025, the cryptocurrency market is witnessing a pivotal shift in how digital assets are perceived through the lens of regulatory scrutiny and institutional adoption. Hedera’s HBAR, a token often positioned as a “pro-dollar asset,” has emerged as a focal point of this evolution. This analysis examines whether HBAR can solidify its status as a national asset through regulatory milestones, such as ETF approvals, and its growing institutional integration.

Regulatory Hurdles and ETF Timelines

The U.S. Securities and Exchange Commission (SEC) remains a critical gatekeeper for HBAR’s broader acceptance. As of September 2025, the agency has delayed decisions on multiple HBAR ETF applications, including those from Grayscale and Canary Capital, pushing deadlines to September 9 and November 11, respectively [1]. This delay reflects the SEC’s cautious approach to custody, staking, and investor protection concerns, which have historically stymied crypto ETF approvals.

Grayscale’s preliminary registration of the Hedera (HBAR) Trust ETF in Delaware—a step toward SEC approval—signals optimism but does not guarantee regulatory clearance [4]. Meanwhile, the SEC’s expanding backlog of over 72 crypto ETF proposals underscores the competitive landscape HBAR must navigate [2]. If approved, an HBAR ETF could replicate the liquidity surge seen with Bitcoin and Ethereum ETFs, potentially attracting $40 billion in inflows [3]. However, macroeconomic volatility and regulatory uncertainty remain risks, as evidenced by recent liquidation events tied to market fluctuations [3].

Institutional Adoption: A Cornerstone of Credibility

HBAR’s institutional adoption in 2025 has accelerated, driven by its enterprise-grade infrastructure and strategic partnerships. Major financial institutions, including State Street, Fidelity, and LGIM, have integrated Hedera’s network for asset tokenization, leveraging its high transaction throughput (10,000+ TPS) and carbon-negative operations [1]. These partnerships are further bolstered by HBAR’s inclusion in 27+ digital asset indexes and its allocation in WisdomTree’s $99 billion fund [3].

Grayscale’s decision to replace Polkadot (DOT) with HBAR in its Smart Contract Platform Fund—allocating 5.8% to the token—reflects institutional confidence in Hedera’s governance model and compliance pedigree [4]. Additionally, BlackRock’s potential HBAR ETF filing, alongside applications from Nasdaq and Grayscale, could catalyze retail and institutional access to the token [3]. Immutable Holdings Inc. has also integrated HBAR into its digital asset treasury strategy, citing its low transaction costs and growing adoption [3].

Pro-Dollar National Asset: Policy and Strategic Frameworks

HBAR’s positioning as a pro-dollar asset is underpinned by policy developments and strategic frameworks. A gold paper titled Making America Greater with Post-Blockchain Collateral: HBAR as a Pro-Dollar Asset submitted to the Federal Reserve and SEC highlights HBAR’s potential to serve as post-blockchain collateral, reinforcing dollar stability in a digital financial ecosystem [2]. This aligns with the U.S. Strategic Crypto Reserve, announced in March 2025, which includes HBAR as a candidate for national strategic consideration due to its enterprise-grade technology and government engagements [1].

The proposed HBAR Reserve & Lending Facility (HRLF) further solidifies this narrative. By enabling HBAR-denominated loans for infrastructure, energy, and housing projects under the Post-Quantum Financial Infrastructure Framework (PQFIF), the initiative aims to decentralize supply chains while reinforcing U.S. monetary sovereignty [2]. These developments suggest a growing recognition of HBAR’s role in national financial infrastructure, even if it has not yet been formally designated as a national asset.

Market Dynamics and Price Volatility

HBAR’s price performance in 2025 has been mixed. In June, the token traded at $0.169 with a 24-hour volume of $101 million, signaling sustained institutional and retail interest [4]. However, a 2.46% decline in late August—driven by heavy selling pressure and a breakdown below key support levels—highlighted market fragility [2]. By mid-September, HBAR rebounded to $0.2230, with a 1.35% 24-hour increase, indicating resilience amid broader market uncertainty [5].

Enterprise adoption has been a stabilizing factor. Hedera’s tokenization of $10 billion in real-world assets (RWAs) by July 2025, in collaboration with Lloyds Bank and Aberdeen, underscores its utility beyond speculative trading [5]. Strategic partnerships with Nvidia, Hitachi, and Google Cloud further enhance its institutional credibility [4].

Global Context and Policy Trends

The U.S. is not alone in redefining digital assets within national frameworks. South Korea’s 2025 institutional crypto market reforms, including corporate participation in trading and won-backed stablecoins, reflect a global trend toward regulated digital finance [5]. Domestically, the GENIUS Act—passed by the Senate and awaiting House approval—aims to establish federal rules for stablecoins, ensuring they are backed 1:1 with U.S. currency or Treasury securities [3]. These developments create a regulatory environment where HBAR’s pro-dollar narrative could gain traction.

Conclusion: A Path Forward

HBAR’s potential as a pro-dollar national asset hinges on two key catalysts: regulatory clarity and institutional momentum. While the SEC’s delayed decisions and macroeconomic risks pose challenges, the token’s growing adoption by financial institutions, inclusion in major indexes, and alignment with national policy frameworks suggest a strong foundation. If ETF approvals materialize in late 2025, HBAR could replicate the liquidity and price appreciation seen with Bitcoin and Ethereum ETFs, further cementing its role in U.S. financial infrastructure.

However, investors must remain cautious. The SEC’s focus on custody and staking risks, coupled with market volatility, means HBAR’s trajectory is far from guaranteed. For now, the token’s journey reflects a broader shift in how digital assets are integrated into traditional finance—a shift that could redefine the future of monetary sovereignty.

Source:
[1] SEC Delays Its Decision on Polkadot & HBAR ETFs, [https://www.etf.com/sections/data-dive/sec-delays-decision-polkadot-hbar-etfs]
[2] Hedera Hashgraph (HBARUSD) Message Board, [https://investorshub.advfn.com/Hedera-Hashgraph-HBARUSD-37173]
[3] The BlackRock-Hedera (HBAR) ETF Speculation and Its ..., [https://www.bitgetapp.com/news/detail/12560604942119]
[4] ETF News: Grayscale Registers Cardano and Hedera Trusts—SEC Decision Still Looms, [https://coinpedia.org/news/etf-news-grayscale-registers-cardano-and-hedera-trusts-sec-decision-still-looms/]
[5] Hedera Price USD, HBAR Price Live Charts, Market Cap ..., [https://www.bitget.com/price/hedera]