Franklin Templeton Expands Its Money Market Fund FOBXX to the Arbitrum Blockchain

Franklin Templeton, a global asset manager with $1.66 trillion in assets under management, has expanded its money market fund, the Franklin OnChain U.S

Asset management giant Franklin Templeton has expanded its footprint in the digital asset space with the launch of its money market fund on the Arbitrum blockchain.

The firm announced the move on Aug. 8, revealing that its Franklin OnChain U.S. Government Money Fund (FOBXX) is now available to investors on three blockchain networks. Launched in 2021, FOBXX had previously gone live on Stellar (XLM) and Polygon (MATIC).

“We are excited to see Franklin Templeton join the Arbitrum ecosystem and look forward to the transformative impact their participation will bring to our community,” said Steven Goldfeder, co-founder and CEO of Arbitrum contributor Offchain Labs.

FOBXX launches on Arbitrum chain The launch on Arbitrum will see eligible investors access FOBXX on-chain via Franklin Templeton’s blockchain-integrated platform Benji. At least 99.5% of the fund’s total assets are invested in U.S. government securities, cash and repurchase agreements, which are fully collateralized by U.S. Treasury debt or cash, according to the press release.

Franklin Templeton's @FTI_DA OnChain U.S. Government Money Fund is now available on Arbitrum! We're excited to have access to the BENJI platform and see a major financial institution, Franklin Templeton, build on Arbitrum!https://t.co/CRWCFyz3NM pic.twitter.com/yrlwflYOow

— Arbitrum (?,?) (@arbitrum) August 8, 2024

“Expanding into the Arbitrum ecosystem is an important step on our journey to empower our asset management capabilities with blockchain technology,” said Roger Bayston, head of digital assets at Franklin Templeton.

FOBXX ranks behind BlackRock's USD Institutional Digital Liquidity Fund (BUIDL) in terms of market cap with $412 million compared to over $510 million as per data on rwa.xyz on August 8, 2024. Ondo Finance's US Dollar Yield (USDY) has a market cap of $299 million to rank third.

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