Franklin Templeton expands tokenized fund to Arbitrum
Franklin Templeton has launched a US government fund on the Ethereum Layer 2 network, Arbitrum. The asset manager's expansion of FOBXX adds access to Stellar and Polygon.
Franklin Templeton, a global asset manager with $1.66 trillion in assets under management, has expanded its money market fund Franklin OnChain US Government Fund (FOBXX) to the Arbitrum blockchain.
The company announced the move on August 8, which saw the Wall Street giant now offering its FOBXX fund to investors on three blockchain networks in partnership with the Arbitrum Foundation. In addition to Arbitrum, FOBXX is also available on Stellar (XLM) and Polygon (MATIC).
“We are thrilled to have Franklin Templeton join Arbitrum's ecosystem and look forward to the transformation their participation will bring to our community,” said Steven Goldfeder, co-founder and CEO of Arbitrum contributor Offchain Labs.
FOBXX starts on Arbitrum
Franklin Templeton launched FOBXX in 2021, with at least 99.5% of the fund's total assets invested in US government securities, cash and repurchase agreements. These are held entirely by US Treasury debt or cash.
Franklin Templeton's @FTI_DA OnChain US Government Fund is now available on Arbitrage.
We are excited to have the BENJI platform and see leading financial institution Franklin Templeton build on Arbitrum! pic.twitter.com/yrlwflYOow
— Arbitrum (💙,🧡) (@arbitrum) August 8, 2024
According to the press release, investments in FOBXX will be made through Benji, a blockchain integrated platform owned by Franklin Templeton. Launching on Arbitrum will allow qualified investors to access it on-chain.
“Expanding into the Arbitrum ecosystem is an important step in our journey to empower our asset management capabilities with blockchain technology,” said Roger Baiston, head of digital assets at Franklin Templeton.
FOBXX will be listed on rwa.xyz with a market cap of over $510 million on August 8, 2024, compared to the BlackRock USD Institutional Digital Liquidity Fund (BUIDL) with a market cap of over $412 million. 299 million dollars in third place.
