The tokenized money market fund from Franklin Templeton has added Solana alongside several other supported blockchains as part of its multi-chain expansion plan. The asset manager Franklin Templeton expanded its cryptocurrency sector offerings by launching the Franklin OnChain U.S. Government Fund (FOBXX) on Solana blockchain networks.
The Franklin Templeton Digital Assets account on X made public the news that Benji platform now offers investment opportunities in FOBXX through Solana support. The fund has continued its growth by launching on Solana after it added support to Aptos Ethereum Avalanche Arbitrum Base and Polygon since its Stellar network introduction.
FOBXX Joins Solana Network
The investment fund FOBXX functions with a stable $1 share value and holds at least 99.5% of its holdings in U.S. government bonds and cash together with repurchase agreements. The network expansion of Franklin Templeton places the company together with BlackRock and other asset management firms who use blockchain networks for tokenized treasury products including Hashnote, Ondo and OpenEden.
The tokenized treasury product BUIDL from BlackRock functions on Aptos, Arbitrum, Avalanche, and Optimism’s OP Mainnet and its sibling product USDY from Ondo operates on Solana, Mantle, Ethereum and Aptos.
The real-world asset (RWA) tokenization field has increased beyond $3.6 billion in U.S. Treasury-backed assets where Hashnote’s Short Duration Yield Note leads with $1.1 billion in value. BlackRock’s BUIDL maintains the second position in the U.S. Treasury-backed asset market with $636 million while FOBXX occupies third place with $593 million. The USDY token of Ondo holds the fourth position with $383 million based on data from rwa.xyz.
The growth of digital RWAs matches the rising market need for stablecoins as well as tokenized U.S. Treasury debt and both private credit and institutional-quality blockchain solutions. Professional investors have taken notice of blockchain tokenization products which include corporate bonds and equities and commodities and this development shows institutional growing interest in blockchain adoption.
The entire RWA on-chain market capitalization now surpasses $17.2 billion while more than 110 asset issuers have entered this space. The sector shows signs of positive expansion because leading financial institutions continue adopting blockchain-based financial solutions.
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