- Franklin Templeton has launched his US Authorities Cash Fund on the Ethereum Layer 2 Arbitrum community.
- FOBXX extension by asset supervisor will increase availability on Stellar and Polygon.
Franklin Templeton, a worldwide asset supervisor with $1.66 trillion in belongings below administration, has prolonged its Franklin OnChain US Authorities Cash Fund (FOBXX) cash market fund to the Arbitrum blockchain.
The agency introduced the transfer on August 8, with the Wall Avenue big now providing its FOBXX fund to traders on three blockchain networks in partnership with the Arbitrum Basis. Along with Arbitrum, FOBXX can also be reside on Stellar (XLM) and Polygon (MATIC).
“We’re excited to have Franklin Templeton be part of the Arbitrum ecosystem and look ahead to the transformative impression their participation will carry to our neighborhood,” mentioned Steven Goldfeder, co-founder and CEO of Arbitrum contributor Offchain Labs.
FOBXX launches on Arbitrum
Franklin Templeton launched FOBXX in 2021, with at the very least 99.5% of the fund's whole belongings invested in US authorities securities, money and repurchase agreements. These are totally secured by US Treasury debt or money.
Franklin Templeton @FTI_DA OnChain US Authorities Cash Fund is now accessible on Arbitrum!
We’re excited to have entry to the BENJI platform and to see a serious monetary establishment, Franklin Templeton, construct on Arbitrum! https://t.co/CRWCFyz3NM pic.twitter.com/yrlwflYOow
— Arbitrum (💙,🧡) (@arbitrum) August 8, 2024
In line with the press launch, investments in FOBXX can be made by means of Franklin Templeton's proprietary blockchain-integrated Benji platform. Launching on Arbitrum will enable licensed traders to entry it on-chain.
“Increasing into the Arbitrum ecosystem is a crucial step in our journey to strengthen our asset administration capabilities utilizing blockchain know-how,” mentioned Roger Bayston, Head of Digital Property at Franklin Templeton.
FOBXX ranks behind BlackRock's USD Institutional Digital Liquidity Fund (BUIDL) by way of market capitalization with $412 million in comparison with over $510 million as of August 8, 2024 at rwa.xyz. Ondo's US Greenback Yield (USDY) Finance has a market capitalization of $299 million in third place.
