Franklin Templeton has expanded its OnChain U.S. Government Money Market Fund (FOBXX) to the Ethereum blockchain, the second-largest by market capitalization.
This adds Ethereum to the growing list of blockchains that support the fund, which already includes Avalanche, Aptos, and Coinbase’s Base. Ethereum now marks the largest blockchain for FOBXX, following its deployment on networks like Arbitrum and Polygon.
FOBXX was launched in 2021 and was the first money market fund to use a public blockchain for tracking transactions and ownership. The fund has a current market cap of $410 million, making it the third-largest tokenized money market fund. It primarily invests in U.S. government securities, cash, and repurchase agreements, collateralized by U.S. government securities or cash.
According to recent data from rwa.xyz, tokenized Treasurys have seen a nearly 2% increase in the past week. The total assets under management (AUM) in tokenized government securities now stand at $2.329 billion based on data from Dune.Â
Moreover, Franklin Templeton’s FOBXX holds a 17.6% market share across Ethereum, Arbitrum, Avalanche, Polygon, and Stellar. BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL) currently leads the sector with $513.47 million in AUM and a 22% market share.
Ethereum remains the top choice for tokenized treasury issuances, handling over $1.6 billion in assets. According to rwa.xyz, Stellar, and Solana follow Ethereum in tokenized government securities issuance.
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