Franklin OnChain U.S. Government Money Fund Surpasses $270 Million In AUM

Key Points:

• Franklin Templeton has announced that the Franklin OnChain U.S. Government Money Fund’s AUM has exceeded $270 million.
• The transfer agent for the Fund keeps the official record of share ownership using a customized blockchain-integrated system that presently uses the Stellar blockchain network for transaction activity.
• One BENJI token represents one share of the Franklin OnChain U.S. Government Money Fund.

Franklin Templeton stated that the assets under management (AUM) of its Franklin OnChain U.S. Government Money Fund (FOBXX) had topped $270 million as of March 31, 2023.

The transfer agent for the Fund keeps the official record of share ownership using a customized blockchain-integrated system that presently uses the Stellar blockchain network for transaction activity. The Fund, which is accessible via the Benji Investments app, is the first US-registered fund to utilize a public blockchain to handle transactions and record share ownership.

Roger Bayston, Head of Digital Assets at Franklin Templeton, stated:

“Blockchains like Stellar’s are important to the investment process of the future, and assets built on blockchain rails, like the Franklin OnChain U.S. Government Money Fund, will eventually be interoperable with the rest of the digital asset ecosystem.”

Franklin Templeton is a multinational investment management organization headquartered in California, USA, that was formed in 1947. It provides a diverse variety of financial services, such as mutual funds, retirement plans, and institutional services. The business is one of the biggest investment companies, managing about $1.5 trillion in assets.

One BENJI token represents one share of the Franklin OnChain U.S. Government Money Fund. Token holders may acquire exposure to the fund through digital wallets by downloading the Benji Investments app from mobile app stores. Stellar Development Foundation continues to acknowledge these tokens’ functionality and future uses in the digital ecosystem.

Stellar is a layer-1 open-source, decentralized, peer-to-peer blockchain network that allows developers to build apps, produce assets, and link to existing financial rails.

The Stellar Development Foundation is a non-profit organization that was founded in 2014 to aid in the development and expansion of the open-source Stellar blockchain network. The Foundation contributes to the upkeep of Stellar’s code base, supports the technical business communities that surround Stellar and serves as a liaison with regulators and institutions.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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