Franklin Templeton launches its FOBXX fund on the Ethereum blockchain, expanding its presence on major global platforms.
FOBXX and Its Expansion to Ethereum
Ethereum has become the largest blockchain supporting the FOBXX fund. Previously, Franklin Templeton had already utilized Avalanche, Aptos, and Coinbase's Base for fund placement.
History and Significance of FOBXX
FOBXX was launched in 2021 and became the first money market fund to use a public blockchain for tracking transactions and ownership. With a market capitalization of $410 million, it is the third-largest tokenized money market fund.
Competition and Tokenized Securities Market
FOBXX holds a 17.6% market share on platforms like Ethereum, Arbitrum, Avalanche, Polygon, and Stellar. BlackRock's fund is a key competitor with assets under management of $513.47 million and a 22% market share.
Expansion into Ethereum strengthens Franklin Templeton's position among leaders in the tokenized securities sector, reflecting the increasing role of blockchains in financial markets.
