Investment Giant Franklin Templeton Expands Its On-Chain Money Market Fund to Ethereum (ETH)

The world’s first tokenized money market fund is now on the Ethereum ( ETH ) layer smart contract platform.

In a post on social media platform X, global asset manager Franklin Templeton announces the launch of its Franklin OnChain U.S. Government Money Fund (FOBXX) on the leading smart contract platform.

Franklin OnChain U.S. Government Money Fund uses public blockchain as a system of record for tracking transactions and share ownership. Investors use the Benji Investments mobile app to invest in the fund. One FOBXX share is equivalent to one BENJI token.

“New chain unlocked. BENJI is now live on Ethereum!

Ethereum, the second largest layer-1 (L1) blockchain technology was designed to be scalable, secure, programmable, and decentralized.”

FOBXX invests over 99% of its total assets in U.S. government securities, cash and repurchase agreements. As of October 31st, the fund has $429.74 million in total net assets.

FOBXX is already supported on a number of blockchains. Franklin Templeton recently expanded its money market fund to crypto exchange Coinbase’s blockchain Base, making the investment giant with $1.7 trillion in assets under management (AUM) the first asset manager to build a tokenized fund on the platform.

Generated Image: Midjourney