Franklin announced yesterday that it will issue its U.S. Government Money Market Fund, Franklin OnChain U.S. Government Money Market Fund ($FOBXX), through the Base blockchain. Investors can now subscribe to the $FOBXX deployed on the Base blockchain through Franklin's digital asset integration platform, Benji Investments (App Store, Google Play).
Anthony Bassili, the tokenization lead at Coinbase, stated that financial institutions like Franklin are seeking more efficient and low-cost public chain technologies to modernize the financial system.
"Franklin is the first large asset management company to launch tokenized assets on Base, big players are coming."
Source: X/@FTDA_US Franklin announced the deployment of $FOXBB to Base
Franklin is rolling out (tokenized) assets! Deploying on 6 chains
Base is the 6th public blockchain unlocked for tokenized funds by Franklin. Its $FOBXX was initially issued in January 2023 through the Stellar blockchain and has since been deployed to Polygon, Arbitrum, Avalanche, and Aptos. Notably, $FOBXX is also the first U.S. Treasury product accounted for by the data website RWA.xyz; prior to this year, Franklin had been the leader in the tokenized U.S. Treasury market, but this situation changed within weeks after BlackRock joined and issued its tokenized fund $BUIDL. To date, the total market value of the tokenized U.S. Treasury sector has surpassed $2.36 billion, with $BUIDL and $FOBXX occupying $523 million and $445 million respectively.
Source: RWA.xyz Asset distribution in the tokenized U.S. Treasury sector
What are the benefits of entering the Base chain?
According to Artemis Terminal, Base is one of the most widely adopted EVM public chains in DeFi, ranking first among Layer 2 public chains in terms of total locked value ($2.49 billion), daily user count (120), and daily on-chain transaction volume ($1.12 billion). Active on-chain performance means that Franklin can reach more potential investors through the Base chain, further accelerating the adoption of $FOBXX; for the Base development team, the deployment of $FOBXX can not only bring in Franklin's vast potential liquidity but also fill the current gap in Base's RWA sector, thereby attracting more institutional investors to participate in the Base ecosystem. In summary, this collaboration between Base and Franklin can allow users from both sides to intersect and is expected to deepen the ecological integration of TradFi and DeFi.
Source: Artemis Terminal Layer2 active user count Base currently ranks first