Franklin Templeton has officially expanded its tokenized money market fund to Solana, further strengthening its presence in the digital asset space.
Expansion to Solana and Multi-Chain Growth
The asset manager, known for its crypto investment initiatives, including the launch of spot Bitcoin and Ethereum exchange-traded funds (ETFs), has now introduced its Franklin OnChain U.S. Government Fund (FOBXX) to the Solana blockchain.
According to an announcement on X via the Franklin Templeton Digital Assets account, this expansion unlocks a new blockchain for Benji, the platform that enables users to invest in FOBXX.
Solana is the latest blockchain network to support Franklin’s tokenized money market fund, following previous integrations with Aptos, Ethereum, Avalanche, Arbitrum, Base, and Polygon. The fund initially launched on Stellar.
FOBXX Fund Structure
At least 99.5% of FOBXX assets are invested in U.S. government securities, cash, and repurchase agreements, maintaining a stable $1 share price.
With this move, Franklin joins BlackRock, Hashnote, Ondo, and OpenEden in embracing a multi-chain strategy for tokenized treasury assets. For instance:
- BlackRock’s BUIDL is live on Aptos, Arbitrum, Avalanche, and Optimism’s OP Mainnet.
- Ondo’s USDY is available on Solana, Mantle, Ethereum, and Aptos.
Market Trends and Tokenization Boom
The tokenized real-world assets (RWA) sector has experienced rapid growth, with U.S. Treasury-backed assets exceeding $3.6 billion. Notably, Hashnote’s Short Duration Yield Note leads the market with a $1.1 billion market cap.
The top-ranked tokenized funds include:
- Hashnote’s Short Duration Yield Note – $1.1 billion market cap
- BlackRock’s BUIDL – $636 million
- Franklin Templeton’s FOBXX – $593 million
- Ondo’s USDY – $383 million
According to rwa.xyz, the total on-chain market cap for RWAs has now surpassed $17.2 billion, with over 110 asset issuers actively participating in the space.
Future of Institutional Tokenization
The demand for tokenized U.S. Treasury debt, stablecoins, private credit, and institutional funds continues to rise, further accelerating on-chain adoption. Institutional players are now expanding their focus to corporate bonds, stocks, and commodities, reinforcing the growth of real-world asset tokenization.
With Franklin Templeton’s expansion to Solana, the tokenization boom is set to gain further momentum as blockchain-based financial instruments become increasingly mainstream.
