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News

Franklin OnChain US Government Money Fund Now Expands to Solana

2 mins mins
Franklin OnChain US Government Money Fund Now Expands to Solana

Key Points:

  • The Franklin OnChain U.S. Government Money Fund has integrated with the Solana blockchain, adding to its existing presence on multiple networks.
  • The expansion follows Franklin Templeton’s recent filing in Delaware for a Solana-based ETF.

Franklin Templeton, a global investment firm, has integrated its Franklin OnChain US Government Money Fund (FOBXX) with the Solana blockchain.

Read more: Franklin Templeton Crypto ETF Now Seeking SEC Approval

Solana Is The Latest Blockchain To Integrate Franklin OnChain US Government Money Fund

The move marks the latest expansion for the fund, which already operates on Ethereum, Base, Polygon, Avalanche, Aptos, Arbitrum, and initially launched on Stellar four years ago.

Franklin OnChain US Government Money Fund, a US-registered mutual fund, was introduced in 2021 and remains the only fund of its kind to utilize a public blockchain for transaction processing and share ownership recording.

The fund maintains a stable $1 per share value, similar to a stablecoin, by investing at least 99.5% of its assets in U.S. government securities, cash, and fully collateralized repurchase agreements.

Solana ETF Filing Signals Future Developments

Investors access the fund through the Benji Investments app, with each share represented by a BENJI token. Franklin Templeton has also enhanced the fund’s utility by allowing Benji wallet holders to convert the USDC stablecoin into FOBXX shares and conduct peer-to-peer transfers on the blockchain.

The expansion to Solana comes just a day after Franklin Templeton filed for a Franklin Solana Trust in Delaware. The firm may soon seek approval from the U.S. Securities and Exchange Commission (SEC) to launch a Solana ETF.

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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Avatar of John Kojo Kumi

John Kojo Kumi

12 February 2025, 16:14:32 GMT +0000

John Kojo Kumi is a cryptocurrency researcher and writer specializing in emerging startups, tokenomics, and market dynamics within the blockchain ecosystem. With years of experience in crypto journalism and blockchain research, he provides in-depth coverage of decentralized finance (DeFi), NFTs, and Web3 innovations.

He holds a Bachelor of Arts in Geography and Rural Development from Kwame Nkrumah University of Science and Technology, Kumasi, bringing a multidisciplinary perspective to the evolving digital asset space. As a Crypto News Writer, he tracks and reports on industry trends, while his role as a Registrar at the Commission on Human Rights and Administrative Justice reflects his commitment to governance and transparency.

His expertise spans content strategy, SEO optimization, and technical research, enabling him to craft insightful, data-driven analyses. Passionate about blockchain’s transformative potential, he strives to equip readers with the knowledge to navigate the complexities of digital assets and decentralized technologies.

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