As a seasoned researcher in the dynamic world of digital finance, I find myself constantly intrigued by the rapid expansion and evolution of the tokenized treasuries market. The recent move by Franklin Templeton to extend its OnChain U.S. Government Money Fund to Avalanche is yet another testament to this growth.
Expanding its horizons, the worldwide investment company, Franklin Templeton, now managing more than $1.6 trillion in assets, has broadened its tokenized money market fund to encompass the Avalanche platform.
As a researcher, I’m excited to share that I recently announced an expansion of our OnChain U.S. Government Money Fund. We have extended its reach to the Avalanche (AVAX) blockchain, responding to the increasing interest from investors.
As a seasoned investor with over two decades of experience in the ever-evolving world of digital assets, I find myself intrigued by Franklin Templeton’s latest move to expand its FOBXX fund onto the Ethereum (ETH) layer-2 network Arbitrum (ARB). Having closely followed the growth and development of this space since the early days, I can appreciate the strategic advantage that such a move offers.
I’m excited to learn that the Avalanche platform is now backing the Franklin OnChain U.S. Government Money Fund. Like Franklin Templeton, we share a common goal of creating innovative digital financial solutions designed to cater to the needs of on-chain investors today while attracting off-chain capital and users to our ecosystem tomorrow.
John Wu, President of Ava Labs.
Investing in FOBXX
Franklin Templeton introduced a money market fund in 2021, enabling investors to generate returns from U.S. treasuries. The company symbolizes each share of FOBXX with its BENJI token, which can be bought using the USDC (USD-backed) stablecoin via Benji wallets. Token holders can also transfer their fund shares directly between each other on a blockchain platform.
Roger Bayston, the digital assets chief at Franklin Templeton, mentioned that incorporating the Benji platforms onto Avalanche broadens the reach to our pioneering tokenized money market fund.
The tokenized treasuries market
Based on information from rwa.xyz, a platform for real-world assets, the market for tokenized U.S treasuries is currently experiencing growth and has surpassed a total value of approximately $1.92 billion, as of August 22nd.
The value of FOBXX exceeds $424 million, but it trails the BlackRock USD Institutional Digital Liquidity Fund (BUIDL) which is presently in the lead, boasting a market cap of more than $502 million.
Speaking about the blockchain sector, it’s worth noting that Ethereum dominates with a market value exceeding $1.3 billion. After Ethereum, Stellar, Solana, and Mantle trail behind with respective values of approximately $434 million, $48 million, and $30 million.
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2024-08-22 18:00