Franklin Templeton announced on Feb. 12 that its tokenized money fund, “Franklin OnChain US Government Money Fund” (FOBXX), was deployed on Solana — the fund is now available on eight different blockchains.
According to Franklin Templeton’s website, the FOBXX invests 99.5% of its total assets in US government securities, cash, and repurchase agreements fully collateralized by US government securities or cash. It offers a 4.55% annual percentage yield (APY).
A tokenized money fund is a real-world fund whose shares are digitally issued on a blockchain, giving it a secondary market with no downtime.
FOBXX’s market cap was nearly $594 million as of Feb. 11, making it the third-largest money fund with tokenized shares. The fund has 544 holders, a 2.5% increase over the past 30 days.
The smallest amount of FOBXX is available on Aptos, totaling $21.4 million. As a result, the FOBXX integration on Solana could give the network’s tokenized money fund ecosystem a much-needed boost.
As of Feb. 11, nearly $136 million in tokenized shares had been issued on Solana, less than 4% of the sector’s market cap.
Over $3.5 billion
The tokenized money fund sector experienced significant growth of 415% in 2024, closing the year with a market cap of nearly $4 billion. The industry’s all-time high was almost $4.2 billion, registered on Jan. 7.
As of Feb. 11, the tokenized money fund market cap was $3.6 billion, roughly 15% down from its peak. Nevertheless, it was still over four times larger than the market cap registered on the same date last year.
Ethereum dominates the market, hosting over $2.4 billion in tokenized shares. The second-largest network is Stellar, with nearly $380 million in digital money fund share versions. This is mainly due to the $372 million of FOBXX issued in the network.
Besides Ethereum and Stellar, none of the other 13 blockchains tracked by rwa.xyz reached the $150 million in tokenized money fund shares threshold.
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