Franklin Templeton Expands Its Tokenized Money Market Fund (FOBXX) to the Solana (SOL) Blockchain

Franklin Templeton has expanded its tokenized money market fund, Franklin OnChain US Government Money Fund (FOBXX), to the Solana [SOL] blockchain, further strengthening its presence in the digital asset space.

Franklin Templeton recently announced the expansion of its tokenized money market fund, Franklin OnChain US Government Money Fund (FOBXX), to the Solana blockchain.

This move by the asset management giant, with $1.6 trillion under its wing, comes as part of its strategy to integrate FOBXX with multiple blockchains.

Launched in 2021, the fund has already been integrated with Ethereum, Coinbase’s Base, Aptos, and Avalanche, while Stellar serves as its primary blockchain.

Now, as the third-largest tokenized money market fund, FOBXX is approaching a total asset value of $600 million, showcasing its growing adoption.

It also holds the distinction of being the world's first mutual fund to utilize blockchain technology for transaction processing and share ownership recording, with each share represented by a BENJI token.

Franklin Templeton announced the integration on X (formerly Twitter), stating,

“New chain unlocked. BENJI is now live on Solana. Solana is a fast, secure and censorship resistant Layer 1 blockchain encouraging global adoption via its open infrastructure.”

Solana institutional interest signals a shift beyond memecoins

Solana has been witnessing a surge in institutional interest, particularly in its application beyond serving as a hub for memecoins.

In Q3 2024, investments in decentralized applications built on SOL soared by 54%, reaching $173 million, indicating growing interest from wealth managers and hedge funds.

The token itself has seen a surge from the bear market lows of below $10 post the FTX collapse.

It recently hit a 52-week high of $265.10, partly driven by the launch of former U.S. President Donald Trump's memecoin on the network.

Moreover, Solana has become the dominant platform for launching new tokens, especially in decentralized trading.

A report by Pantera Capital highlights that SOL now boasts over 90% of new tokens listed on decentralized exchanges, which is a massive jump from 1% at the end of 2023.

Cosmo Jiang and Eric Wallach noted in the report,

“Even when innovation doesn't start on Solana, it eventually finds its way there.”

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