Franklin Templeton has expanded its US Government Money Market Fund (FOBXX) to Solana, highlighting increasing institutional adoption of blockchain.
Franklin Templeton has added the US Government Money Market Fund (FOBXX) to the Solana blockchain. This shows that more and more institutions are starting to use blockchain technology.
It is already possible to buy FOBXX on Ethereum, Coinbase’s Base, Aptos, and Avalanche. It is the third-largest tokenized money market fund by market cap, worth $594 million. Stellar is still its main blockchain.
With 544 investors, the fund puts 99.5% of its money into US government bonds, cash, and fully collateralized buyback agreements. It offers a 4.55% annual percentage yield.
Pantera Capital said that Solana now hosts more than 90% of new tokens on decentralized exchanges (DEXs). This is a big jump from late 2023, when only 1% of new tokens were shown on DEXs. In 2024, the tokenized money fund market grew by 415 percent, making it worth almost $4 billion.
Because of its high-throughput design and growing use, Franklin Templeton has been bullish on Solana since July 2024. Ethereum has the most tokens (52% of the market) and the most assets ($3.8 billion). Solana, on the other hand, is seventh with only $135 million.
Solana’s progress is still going strong, as Securitize added BlackRock’s BUIDL to the network in January. To get in on the Solana ETF game, Franklin Templeton also filed with the SEC for a Franklin Solana Trust in Delaware.
Franklin Templeton’s Solana Trust was set up with help from the CSC Delaware Trust Company, which has registered crypto trusts for other asset managers.
