Franklin Templeton has expanded the availability of its OnChain US Government Money Market Fund (FOBXX), the third-largest tokenized money market fund, to Solana, further indicating blockchain’s increasing appeal.
Previously, the fund was accessible on Ethereum, Coinbase’s Base, Aptos, and Avalanche, all of which were added last year. Additionally, the Stellar network serves as the main blockchain for the fund. The asset manager announced this expansion on Wednesday.
Solana has become a prominent platform for new tokens, especially memecoins, and decentralized trading.
According to a Pantera Capital report, Solana now hosts over 90% of all new tokens on decentralized exchanges (DEX), a significant increase from 1% in late 2023.
Launched in 2021, FOBXX has reached a market capitalization of $594 million, as per data from rwa.xyx. It currently trails behind Hashnote’s Short Duration Yield Coin (USYC) and BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL).
