Franklin Templeton is increasing the reach of its onchain money market fund by joining the Avalanche network.
The Franklin OnChain US Government Money Fund (FOBXX), launched in 2021, was the first US-registered mutual fund to utilize a public blockchain for recording transactions and tracking ownership.
The BENJI token, which can be accessed through Franklin Templeton’s exclusive investments app, is currently available on the Stellar and Polygon chains.
The fund caters to both institutional and retail investors, who can hold tokens that represent shares in the $420 million fund. Additionally, users can purchase tokenized shares through the USDC stablecoin.
Roger Bayston, Head of Digital Assets at Franklin Templeton, stated:
“By bringing the Benji platform to the Avalanche network, we are expanding access to our groundbreaking tokenized money market fund. We are excited to collaborate with Avalanche’s dynamic community of developers to introduce new blockchain-enabled innovations to the market.”
