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Fund management titan Franklin Templeton has launched its Franklin OnChain US Government Money Fund (FOBXX) on Solana.
A SOL token called Benji (BENJI) representing shares in the fund has been deployed on the Solana network, the $1.6 trillion asset manager said in a Feb. 12 X post.
Franklin Templeton Expands Layer-1 Footprint
The FOBXX fund invests almost 100% of its assets in US government securities, cash and fully collateralized repurchase agreements. Its total assets stood at $512 million as of Jan. 31.
Breaking news: $1.5T AUM firm Franklin Templeton’s tokenized money market fund (FOBXX) is now available on Solana!
This is finance evolving in real-time 🧵 pic.twitter.com/Yuv3otnuOk
— Solana (@solana) February 12, 2025
The launch of Franklin Templeton’s FOBXX on the Solana blockchain is part of the company’s mission to expand its “layer-1 footprint,” it said. This comes amid Solana’s growing presence in the institutional financial ecosystem.
In addition to Solana, Franklin Templeton has already deployed its BENJI token on other major layer-1 blockchains Ethereum and Avalanche, as well as on layer-2 networks including Arbitrum, Base, Polygon, and Aptos.
FOBXX is considered to be the first US mutual fund to tap blockchain technology for record-keeping and transaction processing.
Institutions’ Growing Presence In The Solana Ecosystem Could Cause This Layer-2 To Explode
This is not Franklin Templeton’s first move related to the Solana ecosystem. On Feb. 10, the firm registered a trust in Delaware linked to a SOL ETF (exchange-traded fund). Other asset managers have also filed applications for similar investment products.
Institutional investments in decentralized applications running on Solana rose 54% in the third quarter of 2024 to a total of $173 million.
The increasing adoption of Solana by institutions could also benefit Solaxy (SOLX), the first Solana layer-2 project.
Currently in presale, it has already raised over $20.3 million as investors back the idea of a layer 2 project designed to help reduce congestion and increase efficiency on the Solana blockchain.
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