Franklin Templeton has expanded the trading capabilities of its FOBXX tokenized government securities money market fund by adding Ethereum blockchain to its list of supported blockchains.
The fund, named the Franklin OnChain US Government Money Fund (FOBXX), was launched in 2021 and is represented by the BENJI token.
It is the first money market fund to utilize a public blockchain for transaction and ownership tracking. This decision follows the addition of other blockchain options earlier this year, with the latest being the Aptos blockchain.
The fund’s strategy is to invest at least 99.5% of its total assets in US government securities, cash, and repurchase agreements that are backed by either US government securities or cash.
Recent data from rwa.xyz shows that tokenized Treasury securities have seen a 2% growth in the past seven days. Further data from Dune Analytics reveals that the total assets under management in tokenized government securities now stands at $2.329 billion.
