Franklin Templeton has announced the launch of its Franklin OnChain US Government Money Fund (FOBXX) on the Solana platform, highlighting Solana's speed, security, and censorship-resistance.
Fund Available On Multiple Networks
The deployment on Solana showcases interest from major financial companies in cryptocurrency-based products, strengthening Solana's role as a key digital asset. FOBXX is already available on Ethereum, Base, Polygon, Avalanche, Aptos, and Arbitrum. Its first blockchain integration was with Stellar about four years ago. The fund invests at least 99.5% of its total assets in U.S. government securities, cash, and agreements fully collateralized by such securities or cash.
SOL ETF Soon?
The launch of the fund on Solana comes the day after Franklin Templeton filed for a Solana ETF in Delaware, potentially indicating plans to file with the US SEC for a Solana ETF. Last year, Franklin Templeton praised Solana, predicting SOL would become the third-largest crypto after Bitcoin and Ethereum.
Tokenization Prospects
In an interview with CNBC, Anthony Scaramucci stated his preference for Solana due to its low fees and fast transaction speeds, seeing it as a leader in tokenization, especially if traditional financial assets like stocks and bonds are tokenized. He noted Solana would be the obvious choice in that context.
Tokenization is rapidly expanding in the crypto sector, with key financial players like Franklin Templeton and BlackRock exploring its potential.
