2025-02-13
Franklin OnChain U.S. Government Money Fund - FOBXX
Franklin Templeton, a prominent global
investment management firm, has expanded its OnChain U.S. Government Money
Market Fund (FOBXX) to Solana, a popular blockchain network.
This fund, worth $594 million, is the third-largest
tokenized money market fund.
FOBXX is a tokenized fund, meaning its
shares are available on blockchain instead of traditional financial systems.
Before this, FOBXX was already on
Ethereum, Base (by Coinbase), Aptos, and Avalanche. But the main blockchain it
used was Stellar.
Now, Solana has been added to the list,
making it even more accessible.
Solana is growing fast in the crypto
world. It’s becoming a top choice for new tokens and decentralized trading.
In late 2023, Solana had only 1% of new
token launches, but now it has over 90%.
Institutional investors believe in
Solana’s speed and efficiency, which makes it attractive for financial products
like FOBXX.
Tokenization (turning real-world assets
like money, bonds, and stocks into digital tokens) is a huge trend in crypto.
Ethereum is still the leader, with $3.8
billion worth of tokenized assets, while Solana is ranked seventh with $135
million.
Experts think this is a trillion-dollar
opportunity because it makes financial transactions faster, cheaper, and more
transparent.
Franklin Templeton moving its fund to Solana
is another big step for blockchain adoption. It shows that more financial
institutions are trusting crypto technology to manage traditional assets.
