PANews reported on August 8 that according to CoinDesk, Franklin Templeton announced that it has launched its OnChain U.S. Government Money Market Fund (FOBXX) on Ethereum through Layer2 blockchain Arbitrum. This is the third blockchain where the fund's shares can be traded. Previously, the fund had been tokenized on another Layer2 network of Stellar and Ethereum. The company said that this expansion will help decentralized finance integrate into the traditional financial system and help Franklin gain new audiences for FOBXX.

Launched in 2021, the fund is the first to use a public blockchain to record transactions and ownership. With a market cap of $420 million, it is the third-largest on-chain product pegged to U.S. Treasuries, according to rwa.xyz.