Franklin Templeton expands money market fund to Solana

Franklin Templeton has officially expanded its tokenized money market fund to Solana.

The asset manager, whose crypto traction includes the launch of spot Bitcoin and Ethereum exchange-traded funds, now offers its Franklin OnChain U.S. Government fund on Solana (SOL). 

Details posted on X via the Franklin Templeton Digital Assets account indicate that the firm has unlocked a new blockchain for Benji, a platform that allows users to invest in FOBXX.

Solana is the latest blockchain network to support Franklin’s tokenized money market fund, following previous expansions to Aptos, Ethereum, Avalanche, Arbitrum, Base, and Polygon. The fund initially launched on Stellar.

At least 99.5% of FOBXX assets are invested in U.S. government securities, cash, and repurchase agreements, with the fund maintaining a stable $1 share price.

With this expansion, Franklin joins BlackRock, Hashnote, Ondo, and OpenEden, among others, in adopting a multi-chain approach for tokenized treasury assets. BlackRock’s BUIDL is available on Aptos, Arbitrum, Avalanche, and Optimism’s OP Mainnet, while Ondo’s USDY is live on Solana, Mantle, Ethereum, and Aptos, among other chains.

Amid this tokenization boom, assets backed by U.S. Treasuries have surpassed $3.6 billion. Hashnote’s Short Duration Yield Note currently leads the market with a $1.1 billion market cap.

BUIDL and FOBXX are second and third with over $636 million and $593 million respectively. According to rwa.xyz, Ondo’s USDY is fourth with $383 million. 

The growth in real-world assets tokenization has accelerated alongside increasing demand for stablecoins, U.S. Treasury debt, private credit, and institutional funds. On-chain interest has also expanded to corporate bonds, stocks, and commodities.

The RWA on-chain market cap currently stands at over $17.2 billion, with rwa.xyz data showing 110 asset issuers in the space.