Franklin Templeton Expands Tokenized Fund to Solana
Franklin Templeton Expands Tokenized Treasury Fund to Solana
Franklin Templeton, a global asset management firm overseeing approximately $1.5 trillion in assets, has announced the expansion of its tokenized treasury fund, FOBXX, to the Solana blockchain. This marks the fund's eighth blockchain platform, adding to its existing presence on Stellar, Aptos, Avalanche, Arbitrum, Polygon, Base, and Ethereum.
Key Developments
- FOBXX, also known as the Franklin OnChain U.S. Government Money Fund, is now available on eight blockchain networks.
- The firm registered the Franklin Solana Trust, signaling potential plans for a Solana ETF in the US.
- As of February 11, FOBXX held a market cap of around $495 million, trailing only Hashnote International's SDYF.
Franklin Templeton's decision to integrate with Solana is driven by the blockchain's speed, security, and censorship resistance, promoting global adoption through its open infrastructure. Launched on Stellar in 2021, FOBXX has quickly become a leading money-market fund within the tokenized asset landscape. Its success is further evidenced by the strong competition from BlackRock's BUIDL fund.
Solana ETF on the Horizon?
Franklin Templeton's recent establishment of the Franklin Solana Trust in Delaware strongly suggests intentions to file with the SEC for a Solana ETF. This ETF would track the price of SOL, currently the fifth-largest cryptocurrency by market capitalization. This move follows the firm's positive outlook on Solana's ecosystem, highlighting advancements in DePIN, DeFi, and NFTs.
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Disclaimer: This information is for educational purposes only and does not constitute financial advice.