Franklin Templeton Extends $410M Money Market Fund to Ethereum Blockchain

Expanding Trading Reach

Franklin Templeton, a prominent asset manager, has broadened the trading of its OnChain U.S. Government Money Market Fund (FOBXX) to Ethereum (ETH), the second largest blockchain by market cap. This move marks a significant expansion in the fund’s blockchain compatibility, with the addition of platforms like Coinbase’s Base, Aptos, and Avalanche throughout the year.

Revolutionizing Fund Tracking

The OnChain U.S. Government Money Market Fund (FOBXX) made history in 2021 by becoming the first money market fund to utilize public blockchain technology for tracking transactions and ownership. Operating primarily on the Stellar network, this innovative fund currently boasts a market capitalization of $410 million, securing its position as the third-largest tokenized money market fund.

Competition in the Digital Asset Market

BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL) quickly ascended to the top spot within six weeks of its launch in late March, now standing at $545 million in market cap. Following closely behind is Ondo’s U.S. Dollar Yield (USDY) fund, which holds a market capitalization of $452 million. Ethereum emerges as the leading choice among issuers for tokenized treasuries, handling over $1.6 billion in assets, followed by Stellar (XLM) and Solana (SOL) according to data from rwa.xyz.

Full story: Franklin Templeton Expands $410M Money Market Fund to Ethereum Blockchain.