Franklin Templeton, a major asset manager with $1.66 trillion under management, has launched its money market fund on the Arbitrum blockchain.
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The Franklin OnChain U.S. Government Money Fund (FOBXX) is now available to investors on Arbitrum, an Ethereum Layer 2 network. This launch expands FOBXX to three blockchain platforms, as it was already available on Stellar and Polygon.
Franklin Templeton Expands into Arbitrum Ecosystem with Tokenized Fund
Franklin Templeton has partnered with the Arbitrum Foundation to offer its tokenized money market fund to investors through Benji Investments, Franklin Templeton’s blockchain-integrated platform. This move allows investors to access the fund using digital wallets on Benji, with eligibility extending to those on the Arbitrum network.
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Steven Goldfeder, CEO of Offchain Labs, expressed enthusiasm for the collaboration, highlighting Franklin Templeton’s commitment to innovation and its alignment with Arbitrum’s mission to provide scalable financial solutions. Roger Bayston, head of digital assets at Franklin Templeton, emphasized that expanding into the Arbitrum ecosystem marks a significant step in enhancing their asset management capabilities through blockchain technology.
Franklin Templeton Expands FOBXX with Blockchain Integration
Launched in 2021, Franklin Templeton’s FOBXX is a U.S.-registered fund that utilizes public blockchains for transaction processing and maintaining ownership records. As of August 8, data from rwa.xyz shows that FOBXX has a market cap of $412 million, making it the second-largest in its category, just behind BlackRock’s USD Institutional Digital Liquidity Fund. BUIDL leads the Treasury products ranking with over $510 million, while Ondo Finance’s Ondo U.S. Dollar Yield (USDY) ranks third with $299 million.
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Franklin Templeton has been at the forefront of adopting blockchain technology since establishing its digital assets unit in 2018. The company has not only set up node validators but has also launched multiple cryptocurrency products, including a spot Bitcoin ETF with over $363 million in net assets. These efforts highlight Franklin Templeton’s ongoing commitment to integrating blockchain into its financial products and services.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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