Franklin Templeton Expands $410M Money Market Fund to Ethereum Blockchain

Franklin Templeton’s OnChain US Authorities Cash Market Fund can now be traded on Ethereum.

The fund is already obtainable on a number of different blockchains, together with most not too long ago Base, Aptos and Avalanche.

Ethereum is by far the most well-liked selection amongst issuers, dealing with $1.6 billion price of tokenized property.

Franklin Templeton has expanded the commerce in its merchandise OnChain US Authorities Cash Market Fund (FOBXX) to the second largest blockchain by market cap, Ethereum (ETH).

The asset supervisor has added a collection of latest blockchains to assist the fund this 12 months, together with most not too long ago Coinbase base, Aptos, and Avalanche. It makes use of the Stellar Community as the first public blockchain.

FOBXX launched in 2021 and have become the primary cash market fund to make use of a public blockchain to trace transactions and possession. It presently has a market capitalization of $410 million, making it the third largest tokenized cash market fund.

BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL) rose to the highest of the checklist simply six weeks after its launch in late March. It presently stands at $545 million, whereas the subsequent largest fund, Ondo’s US Greenback Yield (USDY), is at $452 million.

Amongst issuers, Ethereum is by far your best option to difficulty shares of tokenized treasuries, with the biggest blockchain dealing with greater than $1.6 billion in property, adopted by Stellar (XLM) and Solana (SOL), in accordance with information by rwa.xyz.

Asset supervisor Grayscale, in a The April report argued that Ethereum is “meaningfully decentralized and credibly impartial for community members, doubtless a requirement for any world platform for tokenized property” and subsequently has the very best probabilities amongst good contracts to profit from tokenization.