Franklin Templeton Integrates P2P Functionality for On-Chain Government Guarantee Fund
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Franklin Templeton, which manages more than $1.6 trillion in assets, announced this week that shareholders of its Franklin OnChain U.S. Treasury Fund (FOBXX) can now transfer shares directly to one another using the public blockchain.
In the year Launched in 2021, FOBXX Fund is a pioneer in the use of blockchain technology for transaction processing and ownership sharing. The fund initially employed the Stellar blockchain network for these transactions using a proprietary system. Since last April, it has been additionally supported on the polygon block.
Each share of the fund is equal to one BENJI token, the transfer agent maintains the official ownership records, Franklin Templeton shared in the press release. In the year At the end of March 2024, the fund's assets under management exceeded $360 million.
“We are excited that BENJI token holders will have the ability to transfer shares to each other,” said Roger Baiston, head of digital assets at Franklin Templeton. “Ultimately, we hope that assets built on blockchain rails, such as the Franklin OnChain US Treasury Fund, will work seamlessly with the rest of the digital asset ecosystem.”
According to Franklin Templeton, the FOBXX Fund aims to provide a competitive yield while preserving shareholder capital and liquidity. It complies with the 1940 Act by investing primarily in government securities and maintaining a stable value of $1.
Investors can access the funds through the Benji Investments app on Android and iOS, and institutional investors can use the Benji Institute web portal, the firm said.
A more competitive Franklin Templeton is stepping up its game in the market following the debut of BlackRock's BUIDL in partnership with Securitize.
BlackRock BUIDL recorded more than $240 million in deposits in its first week and currently holds a 25% market share ($304 million), according to Dune Analytics.
Franklin Templeton holds the top spot in the government bond market with a 32% market share ($384 million). Total assets under management of tokenized funds are currently around $1.2 billion.
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