Franklin Templeton, a global asset manager with $1.5 trillion under management, has expanded its U.S. Government OnChain U.S. Government Money Market Fund (FOBXX) to the Ethereum blockchain.
Franklin Templeton’s US Government Money Market Fund will now be available on Ethereum (ETH), Coindesk reported.
The FOBXX fund was already available on several other blockchains, including Base, Aptos (APT), and Avalanche (AVAX).
Originally launched on Stellar in 2021, FOBXX tracks transactions and ownership on public blockchains.
Currently with a market cap of $410 million, FOBXX is the third largest tokenized money market fund globally.
BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL) has taken the top spot among funds just six weeks after its launch in late March. BUILD, currently valued at $545 million, is followed by Ondo’s US Dollar Yield fund (USDY – valued at $452 million) in second place.
While Ethereum has attracted significant interest from issuing companies, Grayscale said in a recent report that Ethereum’s decentralized and neutral framework continues to be the leading choice for tokenized assets, with over $1.6 billion under management, appealing to issuers.
*This is not investment advice.