Stellar, one of the well-established blockchain projects, announced an important collaboration to expand its technology to wider markets. A US-based fund will use Stellar's blockchain network to record transactions and share ownership.
📢 Big news! Franklin Templeton's (@FTI_DA) OnChain U.S. Government Money Fund is now available on the Stellar network through the Benji Investments app. The first mutual fund to use public blockchain technology for transactions and share ownership. https://t.co/LAbSwSS7MU
— Stellar (@StellarOrg) April 24, 2023
According to the statement made on Stellar's official Twitter account, leading investment holding Franklin Templeton's US money fund DOBXX will also process the data on the Benji Investments platform into the XLM network. Thus, Templeton became the first American mutual fund manager to store data using the open blockchain network.
The DOBXX fund currently manages $270 million in assets. Managers use 99.5% of this amount by investing in cash and government bonds.
In a statement after the agreement, the Stellar team stated that they attach great importance to the integration of traditional finance and blockchain technology.
After the announcement of the partnership between Franklin Templeton and Stellar, there was no further movement in the price of the local token XLM.
XLM has lost 13% in the last week.