Franklin Templeton, a renowned financial corporation with $1.6 trillion in assets, has launched its OnChain US Government Money Fund (FOBXX) on the Solana blockchain. This addition adds to the fund’s multi-chain strategy, which already covers Ethereum, Avalanche, and numerous layer-2 networks.
FOBXX invests largely in US government securities, cash, and collateralized repurchase agreements, thereby minimizing credit risk. As of January 31, 2025, the fund managed $512 million in assets and had a seven-day effective yield of 4.2%.
A spokesman for Franklin Templeton stressed the significance of this initiative, citing Solana’s burgeoning institutional finance environment. The fund, represented by BENJI tokens, values each token as one share, allowing investors to hold and exchange fund shares digitally on blockchain networks.
The launch comes after a surge of institutional interest in tokenized assets, with corporations such as BlackRock now venturing into blockchain finance.
Despite past market turbulence, Solana has witnessed an increase in institutional use. In the third quarter of 2024, institutional investment in Solana-based decentralized applications increased by 54% to $173 million. The network continues to rebound from previous market downturns, displaying resilience and gaining popularity among financial institutions.
With this latest connection, Franklin Templeton solidifies its position at the forefront of blockchain-enabled financial products, providing investors with a simple, secure, and creative way to acquire US government-backed securities.
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