Franklin Templeton Expands $410M Money Market Fund to Ethereum Blockchain

Finance Election 2024 Franklin Templeton Expands $410M Money Market Fund to Ethereum Blockchain Ethereum is by far the most popular blockchain for issuers of tokenized traditional assets with a current market cap of $1.6 billion. By Helene Braun Nov 14, 2024 at 1:50 p.m. UTC Updated Nov 14, 2024 at 1:53 p.m. UTC Election 2024 coverage presented by Stand with crypto Jenny Johnson, Franklin Templeton President and CEO, speaks at Consensus 2024. (Shutterstock/CoinDesk) Franklin Templeton's OnChain U.S. Government Money Market Fund can now be traded on Ethereum. The fund is already available on several other blockchains, including most recently Base, Aptos, and Avalanche. Ethereum is by far the most popular pick among issuers, handling $1.6 billion worth of tokenized assets. Unmute Trump Announces Department of Government Efficiency, DOGE Skyrockets 01:45 Bitcoin Tops $93K Lifetime High As U.S. Demand Surges 01:29 DOGE Ascends Over 100% in Past Week, Traders Set $1 Price Target 02:47 Bitcoin Nears $90K; FTX Sues Binance, CZ For $1.8B 17:55 Are Memecoins Driving This Bull Cycle? Franklin Templeton has expanded the trading of its OnChain U.S. Government Money Market Fund (FOBXX) to the second largest blockchain by market cap, Ethereum (ETH) . The asset manager has added a series of new blockchains to support the fund this year, including, most recently, Coinbase’s Base , Aptos , and Avalanche . It uses the Stellar network as the primary public blockchain. FOBXX launched in 2021, becoming the first money market fund to use a public blockchain to track transactions and ownership. It currently stands at a $410 million market cap, making it the third-largest tokenized money market fund. BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL) moved to the top of the list just six weeks after its launch in late March. It currently stands at $545 million, while the second largest fund, Ondo’s U.S. Dollar Yield (USDY), is at $452 million. Among issuers, Ethereum is by far the top choice to issue shares of tokenized treasuries, with the largest blockchain handling over $1.6 billion of assets, followed by Stellar (XLM) and Solana (SOL) , according to data by rwa.xyz . Asset manager Grayscale, in a report in April, argued that Ethereum is “meaningfully decentralized and credibly neutral for network participants, likely a requirement for any global platform for tokenized assets” and, therefore, has the best chances among smart contracts to benefit from tokenization. Edited by Aoyon Ashraf. Disclosure Please note that our privacy policy , terms of use , cookies , and do not sell my personal information have been updated . CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies . CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one. Helene Braun Helene is a New York-based reporter covering Wall Street, the rise of the spot bitcoin ETFs and crypto exchanges. She is also the co-host of CoinDesk's Markets Daily show. Helene is a graduate of New York University's business and economic reporting program and has appeared on CBS News, YahooFinance and Nasdaq TradeTalks. She holds BTC and ETH. Follow @ HeleneBraunn on Twitter Read more about Rwanda Franklin Templeton Tokenized Assets Buidl