Franklin Templeton is making waves in the world of finance by expanding its OnChain U.S. Government Money Fund (FOBXX) to the Aptos blockchain, marking a significant step in integrating traditional finance with decentralized finance.
Launched in 2021, FOBXX is a US Treasury-backed fund that leverages the advantages of tokenized real-world assets, and its recent expansion follows similar moves to other blockchain networks like Avalanche, Polygon, and Stellar.
As of October 2, 2024, this expansion allows institutional investors greater access through Franklin Templeton’s Benji Investments platform, with the fund represented by the BENJI token on Aptos.
This initiative not only enhances the fund’s reach but also positions it as the second largest tokenized fund, boasting over $435 million in assets, just behind BlackRock’s USD Institutional Digital Liquidity Fund.
The growing interest in tokenized treasuries is evident, with the total market value of tokenized US treasuries and cash-equivalents surpassing $2.27 billion, a significant increase from $769 million at the beginning of the year.
This surge reflects a broader trend as investors seek opportunities in the rapidly evolving real-world asset market, with products like Ondo’s USDY and Hashnote’s USYC gaining traction. Franklin Templeton’s strategic moves are not only reshaping its portfolio but also contributing to the burgeoning landscape of digital finance.
