Franklin Templeton, a $1.66 trillion asset manager, has launched its money market fund on the Arbitrum blockchain. The Franklin OnChain U.S. Government Money Fund (FOBXX) is now accessible to investors on Arbitrum, an Ethereum Layer 2 blockchain. This launch marks the fund’s expansion to three blockchain platforms, already available on Stellar and Polygon.

Expansion: A Key Step for Franklin Templeton

Franklin Templeton is collaborating with the Arbitrum Foundation to bring the tokenized fund to investors via Benji Investments, a blockchain-integrated platform managed by Franklin Templeton. This fund will be available through digital wallets on Benji, allowing eligible investors to access it on the Arbitrum network.

“Franklin Templeton’s commitment to innovation aligns with our mission to provide scalable and efficient solutions for the financial sector. We are excited to see Franklin Templeton join the Arbitrum ecosystem and look forward to the transformative impact their participation will bring to our community,” said Steven Goldfeder, co-founder and CEO of Offchain Labs.

“Expanding into the Arbitrum ecosystem is an important step on our journey to empower our asset management capabilities with blockchain technology,” added Roger Bayston, head of digital assets at Franklin Templeton.

FOBXX, launched in 2021, is a U.S.-registered fund that utilizes public blockchains for transaction processing and ownership records. According to recent data, FOBXX has a market cap of $412 million as of August 8, trailing behind BlackRock’s USD Institutional Digital Liquidity Fund. The leading Treasury product is BUIDL with over $510 million, followed by Ondo Finance’s Ondo U.S. Dollar Yield (USDY) with $299 million.

Since launching its digital assets unit in 2018, Franklin Templeton has made significant strides in blockchain adoption. The company operates node validators and has introduced multiple crypto products, including a spot Bitcoin ETF with over $363 million in net assets.

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