AVAX Up Over 12% in 24 Hours, Grayscale Announces Launch of AVAX Trust Fund

AVAX broke above $26 and is now at $26.16, up 12.08% in 24 hours, Bitget data shows. According to market news, global asset management giant Franklin Templeton is expanding its on-chain money market fund to the Avalanche network.The Franklin OnChain U.S. Government Money Fund (ticker: FOBXX) fund, which launches in 2021, is the first U.S.-domiciled U.S.-based mutual fund to use a public blockchain to record transactions and share ownership. Mutual Fund. It is also the second largest tokenized fund behind BlackRock's BUIDL program. According to rwa.xyz data, the total value of tokenized treasury bonds exceeded $1.92 billion as of Aug. 22. FOBXX has a market cap of more than $424 million, second only to BlackRock BUIDL's $502 million.
In addition, Grayscale launched the AVAX Trust Grayscale Avalanche Trust, which aims to provide qualified investors with access to AVAX.