Franklin Templeton Launches First Tokenized Money Market Fund on Ethereum

Franklin Templeton, a major player in the investment world, has just launched its Franklin OnChain U.S. Government Money Fund (FOBXX) on the Ethereum (ETH) platform. This marks a big step as it's the first tokenized money market fund on Ethereum.

In a recent post on social media platform X, the asset manager shared the exciting news. The FOBXX fund uses public blockchain technology to keep track of transactions and share ownership. Investors can easily invest through the Benji Investments mobile app, where one share of FOBXX equals one BENJI token.

“New chain unlocked. BENJI is now live on Ethereum!” they announced. Ethereum is known as the second-largest layer-1 blockchain, designed to be scalable, secure, and decentralized.

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

This fund is already available on several blockchains. Recently, Franklin Templeton expanded its money market fund to Coinbase’s blockchain Base. This makes them the first asset manager to create a tokenized fund on that platform. They manage a whopping $1.7 trillion in assets.