Franklin Templeton FOBXX Now Available On Ethereum

Key Points:

• Franklin Templeton FOBXX is now available on Ethereum, extending its presence to seven blockchain networks, including Avalanche, Arbitrum, and Stellar.
• Launched in 2021, FOBXX has grown to a $410 million market cap, becoming the third-largest tokenized money market fund.

According to CoinDesk, Franklin Templeton has extended the reach of the OnChain U.S. Government Money Market Fund, FOBXX, by launching it on the Ethereum blockchain, the world’s second-biggest by market capitalization.

Read more: Select Franklin Templeton Expands Its OnChain U.S. Government Money Fund On Polygon 

Franklin Templeton FOBXX Expands to Ethereum

With the extension, Franklin Templeton FOBXX is supported on seven blockchain networks, including Ethereum, Avalanche, Arbitrum, Polygon, Aptos, Base, and Stellar.

The move underlines Franklin Templeton’s commitment to leveraging blockchain technology for financial products. Asset manager Franklin Templeton added several new blockchain platforms for FOBXX this year, including recent integrations with Coinbase’s Base, Aptos, and Avalanche. The Stellar network remains its main public blockchain, on which it tracks the transactions and ownership of the fund.

First launched in 2021, FOBXX was the first cash market fund to leverage a public blockchain for these purposes, and has since grown to a position of $410 million in market cap ranking third-largest among tokenized money market funds.

BlackRock Leads Competitive Market for Tokenized Treasury Assets

Franklin Templeton FOBXX enables investors to hold shares of U.S. government securities, cash, and repurchase agreements in digital wallets using Franklin Templeton’s Benji Investments mobile app. Listed on the Nasdaq, the fund offers users a digitized investment experience seeking to enter into the universe of tokenized assets.

Meanwhile, despite the growth of FOBXX, the BlackRock-created USD Institutional Digital Liquidity Fund, BUIDL, remains atop the sector, reaching a $545 million market capitalization just six weeks since its creation, while Ondo’s U.S. Dollar Yield, USDY, stands in second place at $452 million.