Franklin Templeton expands money market fund to Solana

Franklin Templeton has formally expanded its tokenized cash market fund to Solana.

The asset supervisor, whose crypto traction contains the launch of spot Bitcoin and Ethereum exchange-traded funds, now gives its Franklin OnChain U.S. Authorities fund on Solana (SOL). 

Particulars posted on X by way of the Franklin Templeton Digital Property account point out that the agency has unlocked a brand new blockchain for Benji, a platform that permits customers to put money into FOBXX.

Solana is the newest blockchain community to help Franklin’s tokenized cash market fund, following earlier expansions to Aptos, Ethereum, Avalanche, Arbitrum, Base, and Polygon. The fund initially launched on Stellar.

A minimum of 99.5% of FOBXX belongings are invested in U.S. authorities securities, money, and repurchase agreements, with the fund sustaining a secure $1 share value.

With this growth, Franklin joins BlackRock, Hashnote, Ondo, and OpenEden, amongst others, in adopting a multi-chain strategy for tokenized treasury belongings. BlackRock’s BUIDL is on the market on Aptos, Arbitrum, Avalanche, and Optimism’s OP Mainnet, whereas Ondo’s USDY is stay on Solana, Mantle, Ethereum, and Aptos, amongst different chains.

Amid this tokenization increase, belongings backed by U.S. Treasuries have surpassed $3.6 billion. Hashnote’s Quick Period Yield Word at the moment leads the market with a $1.1 billion market cap.

BUIDL and FOBXX are second and third with over $636 million and $593 million respectively. In response to rwa.xyz, Ondo’s USDY is fourth with $383 million. 

The expansion in real-world belongings tokenization has accelerated alongside rising demand for stablecoins, U.S. Treasury debt, personal credit score, and institutional funds. On-chain curiosity has additionally expanded to company bonds, shares, and commodities.

The RWA on-chain market cap at the moment stands at over $17.2 billion, with rwa.xyz information displaying 110 asset issuers within the area.