- Franklin Templeton launched the OnChain US Authorities Cash Fund (FOBXX) on Aptos.
- FOBXX at the moment has a market capitalization of over USD 435 million, rating second amongst tokenized US Treasuries behind BlackRock's BUIDL fund.
Franklin Templeton has prolonged its OnChain US Authorities Cash Fund (FOBXX) to the Aptos Layer 1 blockchain.
The $1.6 trillion asset supervisor, which additionally affords the Franklin Bitcoin ETF (EZBC) and the Franklin Ethereum ETF (EZET), introduced the launch of FOBXX on Aptos on Wednesday, October 2, 2024. It's one other milestone for the corporate following its current growth into tokenized cash Avalanche fund.
Launched in 2021, FOBXX is a US Treasury-backed fund that brings real-world advantages of tokenized belongings to buyers.
With the growth to Aptos, the fund expanded into an Ethereum-free digital machine (EVM) and provides entry to institutional buyers by Franklin Templeton's Benji Investments platform.
FOBXX will probably be represented by the Franklin token BENJI on the Aptos community, which can assist merge conventional finance (TradFi) and decentralized finance (DeFi). Franklin introduced its cash market fund to the Polygon and Stellar blockchain networks in April 2024.
The corporate then prolonged it to Arbitrum in August 2024.
The expansion of the tokenized securities market
In accordance with knowledge from RWA.xyz, FOBXX is at the moment the second largest tokenized fund with over $435 million in belongings.
Essentially the most vital asset backed by US Treasuries is the BlackRock USD Institutional Digital Liquidity Fund (BUIDL), which launched on Ethereum and at the moment manages over $518 million in belongings.
Buyers have been more and more trying to exploit alternatives within the RWA market. In consequence, treasury-related merchandise reminiscent of Ondo US Greenback Yield (USDY), Hashnote Brief Length Yield Coin (USYC), and OpenEden TBILL Vault (TBILL) are attracting a rising variety of holders.
USDY, USYC, and TBILL have market caps of $420 million, $280 million, and $116 million, respectively. Ondo launched its USDY fund on Sui in March.
In the meantime, the whole worth of tokenized US Treasuries, money equivalents and bonds on RWA.xyz has grown to greater than $2.27 billion.
That's up from about $769 million as of January 1, 2024, when FOBXX accounted for greater than $325 million of the whole market cap, by the best way.
BlackRock's BUIDL launched in March 2024 and reached a market capitalization of $500 million in July.
