💥💥💥 #FranklinTempleton 's Tokenized Money Market Fund Expands to Arbitrum
Franklin Templeton, a leading asset manager with $1.5 trillion under management, has expanded its OnChain U.S.
Government Money Market Fund (FOBXX) to the Ethereum network via the Arbitrum layer-2 blockchain. Announced on Thursday, this marks the third blockchain platform where the fund's shares can be traded, following its earlier tokenization on Stellar and Polygon, another Ethereum layer-2 network.
A Franklin Templeton spokesperson explained to CoinDesk that the Stellar network remains the official record for the fund's share ownership. However, the fund also supports Polygon and Arbitrum for specific accounts, available upon request and subject to eligibility. Initially, Arbitrum will cater to institutional wallets.
The Wall Street investment giant sees this expansion as a crucial step in bridging decentralized finance (DeFi) with traditional finance, aiming to introduce the FOBXX fund to a broader audience.
“Expanding into the Arbitrum ecosystem is an important step on our journey to empower our asset management capabilities with blockchain technology,” said Roger Bayston, Franklin Templeton's head of digital assets.
Launched in 2021, the FOBXX fund was pioneering in using a public blockchain to record transactions & ownership, and it now has a market cap of $420 million, making it the third-largest U.S. Treasury-linked on-chain product, according to rwa.xyz data.
Since its launch, several other major firms have entered the tokenization space, bringing real-world assets (RWAs) onto blockchain networks. Notable players include BlackRock, the world's largest asset manager, along with crypto-native startups Securitize & Ondo Finance, all of which have introduced tokenized funds in recent years.
#BlackRock 's USD Institutional Digital Liquidity Fund (BUIDL) is currently the largest of these funds by market cap. BUIDL operates on the main Ethereum chain, with Securitize managing the tokenized shares & maintaining official ownership records.
Source - coindesk.com
