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.
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