Franklin Templeton Tokenized Money Market Fund Expands to Arbitrum

Franklin Templeton has announced that it has launched its OnChain U.S. Government Money Market Fund (FOBXX) on Ether via the Layer2 blockchain Arbitrum, according to CoinDesk. This is the third blockchain on which the fund's shares can be traded. Previously, the fund has been tokenized on Stellar and another Layer2 network on Ether. The expansion will help decentralized finance integrate into the traditional financial system and help Franklin gain a new audience for FOBXX, the company said.

Launching in 2021, the fund is the first to use a public blockchain to record transactions and ownership. With a market capitalization of $420 million, the fund is the third-largest on-chain product linked to U.S. Treasuries, according to rwa.xyz.