The Franklin OnChain U.S. Government Money Fund (FOBXX) from Franklin Templeton is now live on the Aptos blockchain. That is a big step forward in the process of putting blockchain technology and regular banking together. FOBXX is the first money market fund to use the Aptos network from the start.
This fund backed by the Treasury can now work with the Aptos blockchain, which is written in the Move programming language. You can now use real-world assets in a place that isn’t an Ethereum Virtual Machine (EVM). The FOBXX mostly invests in U.S. government bonds, cash, and buyback deals that are backed by government assets. A lot of money worth more than $427.95 million is in this fund right now.
Additionally, FOBXX is interesting because it is the first mutual fund created in the United States to use blockchain technology to manage deals and keep track of who owns shares. Each share that has been turned into a BENJI coin can be stored in a digital bank.
Bashar Lazaar, who is in charge of funding and environment at the Aptos Foundation, talked about how important it is to link traditional finance with decentralized finance (DeFi) in various blockchain settings. He said that EVM networks and other networks should work together.
It has grown a lot since Mo Shaikh and Avery Ching, who worked on Meta’s Diem blockchain before, made it. It tracked 115.4 million deals in a single day in May 2024. More than 1.7 billion trades have already been made through the network since it opened in October 2022. At the moment, $545 million has been locked in as value.
As Roger Bayston, Franklin Templeton’s director of digital assets, explained, the company chose Aptos because it has special features that meet the Benji platform’s strict standards for fit. More and more people are tokenizing their cash. Big players in the business world, like BlackRock and ParaFi Capital, are interested in this because it lets people own a part of the company.
