- Franklin Templeton has launched a U.S. authorities treasury fund on the Ethereum Layer 2 community, Arbitrum.
- The asset supervisor’s growth of FOBXX will enhance accessibility on Stellar and Polygon.
Franklin Templeton, a world asset administration agency with $1.66 trillion in belongings beneath administration, has expanded its cash market fund, the Franklin On-Chain U.S. Authorities Cash Fund (FOBXX), onto the Arbitrum Blockchain.
The corporate introduced the transfer on Aug. 8. The Wall Road big has partnered with the Arbitrum Basis to supply the FOBXX fund to buyers throughout the three blockchain networks. Aside from Arbitrum, FOBXX additionally runs on Stellar (XLM) and Polygon (MATIC).
“We’re excited to have Franklin Templeton be part of the Arbitrum ecosystem and look ahead to the transformative impression their participation can have on our neighborhood,” mentioned Steven Goldfeder, co-founder and CEO of Off Chain Labs, an Arbitrum contributor.
FOBXX Launches on Arbitrum
Franklin Templeton launched FOBXX in 2021 to take a position at the very least 99.5% of the fund's whole belongings in U.S. authorities securities, money and repurchase agreements which might be absolutely collateralized by U.S. Treasury obligations or money.
Franklin Templeton's translator OnChain US Authorities Cash Fund is now obtainable on Arbitrum!
We’re excited to have entry to the BENJI platform and that main monetary establishment Franklin Templeton is utilizing Arbitrum. https://t.co/CRWCFyz3NM pic.twitter.com/yrlwflYOow
— Arbitrum (💙,🧡) (@arbitrum) August 8, 2024
Based on a press launch, funding in FOBXX will likely be made through Franklin Templeton's proprietary blockchain integration platform, Benji, and the launch on Arbitrum will enable certified buyers to entry it on-chain.
“Our growth into the Arbitrum ecosystem marks an vital step in our efforts to boost our asset custody capabilities with blockchain know-how,” Roger Bayston, head of digital belongings at Franklin Templeton, famous.
Based on knowledge from rwa.xyz as of August 8, 2024, FOBXX ranks second solely to BlackRock's USD Institutional Digital Liquidity Fund (BUIDL) when it comes to market capitalization with $412 million and over $510 million, whereas Ondo Finance's US Greenback Yield (USDY) is in third place with a market capitalization of $299 million.
