US financial company Franklin Templeton has announced the launch of its OnChain US Government Money Fund (FOBXX) on the Solana blockchain. This move marks another step towards expanding Franklin Templeton's participation in the blockchain sphere.
FOBXX Project Details
FOBXX invests its assets in US government bonds, cash, and fully collateralized repurchase agreements, minimizing credit risks. As of January 31, 2025, the fund managed $512 million with a seven-day yield of 4.2%. A representative from Franklin Templeton noted that the company continues to expand its presence on layer-1 blockchains like Solana.
Institutional Investments in Solana
Solana’s network activity is increasingly attracting institutional participants. In Q3 2024, investments in decentralized applications on Solana increased by 54%, reaching a total of $173 million. Moreover, CoinShares noted the growing interest in SOL among wealth managers and hedge funds.
Future of Solana and Crypto Initiatives
Recently, Solana has risen after a significant decline caused by the FTX exchange collapse. The price of SOL rebounded to record highs, also fueled by a memecoin launch on the platform. Franklin Templeton continues to explore crypto market opportunities, including launching ETFs for Bitcoin and Ethereum in 2024.
The launch of the OnChain fund on the Solana blockchain highlights Franklin Templeton's strategic goal of integrating new technologies into financial instruments, offering more secure and transparent solutions to clients.
