Franklin

Arbitrum

Polygon

Stellar

BlackRock

Franklin Templeton, a global asset management company,&nbsp;<a style="text-decoration:none" href="https://www.prnewswire.com/news-releases/franklin-templeton-money-market-fund-launches-on-arbitrum-blockchain-302217402.html">launched</a> its OnChain U.S. Government Money Fund (FOBXX) on Arbitrum, the leading Ethereum Layer 2 blockchain. The global asset manager introduced FOBXX in 2021 as the first and only U.S.-registered fund to leverage a public blockchain for transaction processing and share ownership records.&nbsp;
<a style="text-decoration:none" href="https://www.franklintempleton.com/investments/options/money-market-funds/products/29386/SINGLCLASS/franklin-on-chain-u-s-government-money-fund/FOBXX">FOBXX</a> initially launched on the Stellar Layer 1 network, and later expaned to the Polygon network in April 2023.&nbsp;
&nbsp;
Steven Goldfeder, CEO and Co-Founder of Offchain Labs—the core contributors to Arbitrum—expressed excitement about the partnership, stating:
&nbsp;
<blockquote>
 “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.”
</blockquote>
<h2 dir="ltr" id="span-span-the-arbitrum-collaboration-a-strategic-move-span-span">The Arbitrum Collaboration: A Strategic Move</h2>
As per reports, The decision to launch FOBXX on Arbitrum aligns with Franklin Templeton’s broader strategy of embracing decentralized finance. This collaboration is expected to accelerate the integration of DeFi within traditional financial services, providing a seamless experience for investors who wish to gain exposure to blockchain-based assets.
&nbsp;
<blockquote>
 "Expanding into the Arbitrum ecosystem is an important step on our journey to empower our asset management capabilities with blockchain technology," said Roger Bayston, Head of Digital Assets at Franklin Templeton. "We are enthusiastic about the opportunities this partnership will unlock for our firm and our clients."
</blockquote>
Investors can now access FOBXX through the Benji Investments platform, where they can manage their investments using digital wallets. The platform’s integration with Arbitrum allows investors to utilize the network upon request, subject to eligibility requirements.
<h2 dir="ltr" id="span-span-rising-importance-of-on-chain-treasuries-span-span">Rising Importance of On-Chain Treasuries</h2>
The launch of FOBXX on Arbitrum comes at a time when on-chain treasuries are experiencing significant growth. According to data from&nbsp;<a style="text-decoration:none" href="http://rwa.xyz">Rwa[dot]xyz</a>, the market cap of on-chain treasuries has surged by 146% in 2024, reaching $1.89 billion.&nbsp;
&nbsp;
FOBXX has contributed to this growth, with its market cap increasing by 26.7% since the start of the year, now standing at $412.7 million. It ranks as the second-largest on-chain treasury fund, behind only the BlackRock USD Institutional Digital Liquidity Fund (BUIDL), which has reached a market cap of $510.3 million since its launch in March 2024.

Franklin Templeton Unveils U.S. Money Fund on Arbitrum

Table of Contents

BSCN

Other articles published on Aug 16, 2024

BabyDogeCoin Launches BabyDogeKids YouTube Channel for Children's Educational Content

California removes teeth from AI law without addressing tech’s core concerns

Ethereum Price Analysis: Here’s Why ETH Bulls Are Falling Short of Strength as Bearish Targets Ge...

Donald Trump’s $3.6M Crypto Secret and $7.2M NFT Jackpot Found

US Financial Services Committee leaders want ‘regulatory sandboxes’ for AI

South Korea’s NPS reveals indirect Bitcoin investment through MicroStrategy share purchase

Join our free newsletter for daily crypto updates!