Franklin Templeton Expands Its OnChain US Government Money Fund (FOBXX) to Solana

Franklin Templeton, a financial firm managing $1.6 trillion in assets, has launched its OnChain US Government Money Fund (FOBXX) on Solana.

Franklin Templeton Launches OnChain US Gov't Money Fund (FOBXX) on Solana

Financial firm Franklin Templeton has announced the expansion of its OnChain US Government Money Fund (FOBXX) to the Solana blockchain.

The fund, which launched in 2023, invests nearly 100% of its assets in US government securities, cash, and fully collateralized repurchase agreements, aiming to minimize credit risk. As of January 31, 2025, FOBXX had $512 million in assets, with a seven-day effective yield of 4.2%.

A Franklin Templeton representative said the expansion to Solana aligns with the company's focus on layer-1 blockchains as institutional adoption increases.

FOBXX expands to multiple blockchains, including Solana

FOBXX, which already operates on Ethereum, Avalanche, Arbitrum, Base, Polygon, and Aptos, is the first US mutual fund to use blockchain technology for record-keeping and transaction processing. Each share is represented by one BENJI token, enabling on-chain transactions and transparency.

The launch on Solana follows other blockchain expansions, highlighting Franklin Templeton's broader approach to digital assets. The firm has continued to integrate blockchain infrastructure into its financial products.

Institutional investment in Solana grows

The launch of FOBXX on Solana comes after the recent introduction of the Apollo Diversified Credit Securitize Fund, another tokenized investment fund on the Solana blockchain.

According to Messari, institutional investments in decentralized applications on Solana increased by 54% in Q3 2024, reaching $173 million.

On February 10, Franklin Templeton also registered a Delaware trust tied to a Solana ETF. Several asset managers have pursued similar funds, although regulatory concerns remain. Lawsuits have alleged that Solana's native token (SOL) may be an unregistered security.

Franklin Templeton's crypto expansion includes Bitcoin and Ethereum ETFs

Franklin Templeton's expansion in crypto investments extends beyond the Solana network. The company launched a Bitcoin ETF in January 2024 and an Ethereum ETF in July 2024. It has also filed for SEC approval of a Crypto Index ETF, which would track multiple digital assets.