Franklin Templeton, a trillion-dollar global investment management company, announced the launch of its tokenized money fund ‘FOBXX’ on the Solana blockchain.
The announcement comes a day after the asset manager registered a trust in Delaware for a spot Solana exchange-traded fund (ETF). These continuous developments reflect its growing confidence in Solana’s potential as it is heading to achieve a four-month streak over Ethereum to become an official Ethereum Killer.
New chain unlocked. BENJI is now live on @solana!
Solana is a fast, secure and censorship resistant Layer 1 blockchain encouraging global adoption via its open infrastructure.
Download the Benji app here: https://t.co/ITah6qMtns
Read more: https://t.co/4j3TDC9VHM pic.twitter.com/3aiODzkK3T— Franklin Templeton Digital Assets (@FTDA_US) February 12, 2025
In an announcement on X (formerly known as Twitter), Franklin Templeton revealed that its Franklin OnChain US Government Money Fund (FOBXX) is now available on Solana. The firm states, “Solana is a fast, secure and censorship resistant Layer 1 blockchain encouraging global adoption via its open infrastructure.”
FOBXX primarily invests in highly secure assets, with at least 99.5% of its total holdings allocated to U.S. government securities, cash, and fully collateralized repurchase agreements. The fund is already available on numerous chains, including Ethereum, Base, Polygon, Avalanche, Aptos, and Arbitrum.
Franklin Templeton Belives in Solana’s Potential
Franklin Templeton has previously expressed a bullish forecast, affirming that Solana could become the third-largest cryptocurrency by market capitalization.
In recent months, the Solana blockchain has witnessed remarkable growth as its trading volume has surpassed the $60 million mark this month, defeating its arch-rival. Ethereum, according to DeFiLIma.
Tagus Capital said, “Solana’s lower fees and higher throughput continue to attract developers and users, highlighting its growing role in decentralized finance.”
In the latest interview, Anthony Scaramucci, founder and managing partner of SkyBridge Capital, stated that Solana is expected to dominate the tokenization of real-world assets (RWAs) by highlighting Solana’s superior transaction speed and lower gas fees compared to other networks. Such attributes make it a perfect fit for tokenizing traditional assets such as stocks and bonds.
Also Read: SEC Acknowledges Canary Capital’s Solana ETF Filing