Franklin Templeton has become the first asset manager to launch a product on Coinbase's Base, expanding its tokenized money market fund, FOBXX, to the Ethereum layer-2 network. This move allows the fund to operate on six blockchain networks, including Avalanche, Arbitrum, Polygon, Aptos, and Stellar, with Stellar serving as the primary network for the $410 million fund.

The expansion to Base, which is part of the Optimism-based Superchain, aims to leverage the benefits of layer-2 blockchains, such as lower transaction costs and faster execution speeds. This development highlights the growing trend of financial institutions adopting on-chain technology to modernize the financial system.