Franklin Templeton, one of the world's largest asset management companies, announced its OnChain U.S. Government Money Fund, with the ticker FOBXX, has gone live on the Aptos blockchain.
Asset management giant Franklin Templeton has announced the launch of its OnChain U.S. Government Money Fund on the Aptos blockchain. The fund, which is available under the ticker FOBXX, is the fifth blockchain integration for the firm.
The Franklin Templeton Money Market Fund now has over $427.95 million in assets under management, which primarily consist of cash, U.S. government securities, and repurchase agreements. Each share of the fund is tokenized into a BENJI token, which can then be held in digital wallets.
Aptos is a layer-1 blockchain that was built using the Move programming language and not the EVM framework. The blockchain is an initiative of Mo Shaikh and Avery Ching, who both previously worked on the Diem blockchain project from Meta.
The blockchain was launched in October 2022 and has processed over 1.7 billion transactions, including 115.4 million in one day in May 2024. According to data from DefiLlama, Aptos currently has $545 million in total value locked.
When it went live on the Stellar network, the Franklin Templeton Money Market Fund became the first U.S.-registered mutual fund to use blockchain technology. The company has since expanded to other blockchains, including Arbitrum and Polygon. Additionally, the firm has investigated other blockchain-related strategies, such as investing in cryptocurrencies and blockchain-enabled traditional assets.
According to Roger Bayston, Franklin Templeton's director of digital assets, the Aptos Network was chosen because it was the best fit to host the Benji platform. More instances of tokenization like this are emerging. BlackRock and ParaFi Capital have also taken steps to enable fractional ownership of assets on the blockchain.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research！
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
