HBARUSD Archax is a portfolio company of ABRDN, and BlackRock has a 10% stake in ABRDN. Further, ABRDN is a Hedera Council member. BlackRock doesn’t need to have a direct commercial relationship with Hedera. It remains that BlackRock and ABRDN have their assets tokenized on Hedera. That’s bullish, imo.
HBARUSD BlackRock not having a direct commercial interest in Hedera might be better in the long run. It means the decision to use Hedera was made purely on its technical merits by third-party firms like Archax, which chose Hedera for its capabilities.