Franklin Templeton has expanded its OnChain U.S. Government Money Market Fund (FOBXX) by adding support for the Solana blockchain. This move highlights the growing institutional interest in blockchain-based investment vehicles.
Expansion to Solana Blockchain
Franklin Templeton announced today the inclusion of the Solana blockchain in its FOBXX fund's list of supported networks. Previously, integrations included Ethereum, Coinbase’s Base, Aptos, and Avalanche. Stellar remains the fund’s primary blockchain.
Trends on Solana Platform
Solana continues to emerge as a major platform for new tokens, especially memecoins and decentralized trading. According to Pantera Capital, over 90% of all new tokens on decentralized exchanges are now on Solana, a significant increase from just 1% in late 2023.
FOBXX Fund's Market Position
Launched in 2021, the FOBXX fund has reached a market cap of $594 million, placing it as the third-largest tokenized money market fund behind Hashnote’s Short Duration Yield Coin (USYC) and BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL).
The expansion to Solana showcases Franklin Templeton’s commitment to leveraging blockchain for institutional investments, strengthening its position in the tokenized assets market.
