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Franklin Templeton, a starring fiscal services company, has expanded its OnChain U.S. Government Money Market Fund (FOBXX) to the Solana blockchain.
FOBXX, launched successful 2021, has grown to $512 cardinal successful marketplace capitalization. It invests astir 100% of its assets successful U.S. authorities securities, cash, and secured repurchase agreements, ensuring minimal recognition risk.
FOBXX Fund Now Available connected Solana, Source: XFOBXX is besides accessible connected aggregate blockchains, including layer-1 blockchains Ethereum and Avalanche, Ethereum layer-2 blockchains Arbitrum, Base, Polygon, Aptos, and others. Solana is the latest addition, signaling the blockchain’s expanding value successful tokenization.
As of January 31, 2025, the money had a seven-day effectual output of 4.2%. Each BENJI token represents 1 stock successful the fund, making it the archetypal U.S. communal money to usage blockchain for record-keeping and transactions.
Solana has emerged arsenic the ascendant level for caller token launches, peculiarly memecoins and decentralized trading. According to Pantera Capital, 90% of each caller tokens present look connected Solana-based decentralized exchanges (DEXs), up from conscionable 1% successful precocious 2023.
Despite being known for memecoins, Solana is attracting much organization investors. Hedge funds and wealthiness managers are expanding their SOL holdings. After crashing beneath $10 post-FTX, SOL rebounded to $265.10, partially boosted by Donald Trump’s memecoin launch.
Tokenization is increasing accelerated successful crypto, arsenic companies determination accepted assets similar bonds, commodities, and funds onto blockchain for faster and much businesslike transactions. Ethereum is starring with $3.8 cardinal successful tokenized assets, making up 52% of the market. Solana, presently successful seventh spot with $135 million, is gaining popularity and could emergence further.
Franklin Templeton has been expanding its beingness successful crypto. It launched Bitcoin and Ethereum ETFs successful 2024 and is seeking approval for a Crypto Index ETF.
On February 10, 2025, it registered a Solana ETF spot successful Delaware, reflecting its increasing involvement successful the network. However, regulatory challenges remain, arsenic lawsuits allege that SOL is an unregistered security, perchance complicating ETF approvals.
Also Read: SEC Approves Hashdex and Franklin Bitcoin Index ETFs
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