Franklin Templeton Expands Money Market Fund to Include Solana

Franklin Templeton has officially expanded its tokenized money market fund to Solana, adding to its growing presence in the cryptocurrency space.

The asset management giant, which has already made strides in crypto with the launch of spot Bitcoin and Ethereum exchange-traded funds, now offers its Franklin OnChain U.S. Government fund (FOBXX) on Solana (SOL). According to details shared on X by the Franklin Templeton Digital Assets account, the firm has unlocked Solana as a new blockchain for its Benji platform, which allows users to invest in FOBXX.

Solana becomes the latest blockchain network to host Franklin’s tokenized money market fund, joining previous expansions to Aptos, Ethereum, Avalanche, Arbitrum, Base, and Polygon. The fund originally launched on the Stellar network.

The FOBXX fund is primarily invested in U.S. government securities, cash, and repurchase agreements, with at least 99.5% of its assets allocated to these low-risk instruments. The fund is designed to maintain a stable share price of $1.

With this move, Franklin Templeton joins other major players like BlackRock, Hashnote, Ondo, and OpenEden in adopting a multi-chain approach for tokenized treasury assets. BlackRock’s BUIDL is available across networks like Aptos, Arbitrum, Avalanche, and Optimism, while Ondo’s USDY is live on Solana, Mantle, Ethereum, and Aptos.

The tokenization of assets backed by U.S. Treasuries has surged, with over $3.6 billion in assets currently tokenized. Hashnote’s Short Duration Yield Note leads the market with a $1.1 billion market cap, followed by BUIDL and FOBXX, which have market caps of over $636 million and $593 million, respectively. Ondo’s USDY holds the fourth spot with $383 million.

This surge in real-world asset (RWA) tokenization aligns with the growing demand for stablecoins, U.S. Treasury debt, private credit, and institutional funds. On-chain interest has also expanded to corporate bonds, stocks, and commodities.

Currently, the RWA on-chain market cap exceeds $17.2 billion, with data from rwa.xyz indicating 110 active asset issuers in the space.