AI Summary
- Asset manager Franklin Templeton has launched a Tokenized Money Fund on the Solana blockchain. The fund named FOBXX (Franklin OnChain U.S.
- Government Money Fund), holds over $590 million in assets and is one of the first funds to use blockchain technology for handling transactions and holders. Originally launched in 2021, Templeton’s FOBXX is the third-largest tokenized money fund in the world. .
- As the third largest tokenized money fund followed by Ondo Finance in second place, Franklin Templeton’s decision to launch their fund on Solana comes at a time when RWA (real-world asset) tokenization is on the rise.
- The FOBXX fund is the first global fund to utilize blockchain technology with each share of the fund being represented as BENJI tokens.
Asset manager Franklin Templeton has launched a Tokenized Money Fund on the Solana blockchain.
The fund named FOBXX (Franklin OnChain U.S. Government Money Fund), holds over $590 million in assets and is one of the first funds to use blockchain technology for handling transactions and holders.
Originally launched in 2021, Templeton’s FOBXX is the third-largest tokenized money fund in the world.
Franklin Templeton launches Tokenized Money Fund on Solana
As the third largest tokenized money fund followed by Ondo Finance in second place, Franklin Templeton’s decision to launch their fund on Solana comes at a time when RWA (real-world asset) tokenization is on the rise.
The FOBXX fund is the first global fund to utilize blockchain technology with each share of the fund being represented as BENJI tokens.
Franklin Templeton has been expanding the accessibility of its funds to multiple blockchains in a bid to capture a slice of the crypto market.
From Franklin Templeton Twitter/X:
New chain unlocked. BENJI is now live on
Solana is a fast, secure and censorship resistant Layer 1 blockchain encouraging global adoption via its open infrastructure.
The fund had previously been launched on Ethereum, Aptos, Avalanche, and Arbitrum with Stellar Lumens (XLM) being the fund’s base of operations.
Franklin Templeton’s crypto efforts
Aside from launching Bitcoin and Ethereum ETFs in 2024, the firm also formed a large strategic partnership with Sui network.
Franklin Templeton’s partnership with Sui will allow the network to foster greater growth opportunities, invite more investments, and grow its decentralized presence with strong backing.
Institutional investments are arriving in crypto month after month. ETF and ETP filings are also increasing rapidly with new approvals for both funds to arrive soon.
Recently, 21Shares filed to allow staking on their Ethereum ETF, making 21Shares the first firm to make such a filing.
Alongside strong institutional interest, Bitcoin has witnessed strong volatility in recent weeks causing many traders to doubt institutional investments in crypto.
