- Franklin Templeton has launched the OnChain US Authorities Money Fund (FOBXX) on Aptos
- FOBXX has a market cap of over $435 million, 2d amongst tokenized US Treasuries in the help of BlackRock fund BUIDL
Franklin Templeton has expanded its OnChain US Authorities Money Fund (FOBXX) to the layer-1 blockchain Aptos.
The $1.6 trillion asset supervisor, which also affords the Franklin Bitcoin ETF (EZBC) and Franklin Ethereum ETF (EZET), supplied the initiate of FOBXX on Aptos on Wednesday, October 2, 2024. It’s one other milestone for the corporate after its contemporary growth of the tokenized money fund to Avalanche.
FOBXX launched in 2021 and is a US Treasury-backed fund that brings the advantages of tokenized right-world sources to merchants.
With its growth to Aptos, the fund has expanded to a non-Ethereum Virtual Machine (EVM) and provides to institutional investor procure admission to thru Franklin Templeton’s platform Benji Investments.
FOBXX will be represented by Franklin’s BENJI token on the Aptos community, helping to merge outdated finance (TradFi) and decentralised finance (DeFi). Franklin introduced its money market fund to Polygon and Stellar blockchain networks in April 2024.
The firm then expanded it to Arbitrum in August 2024.
Tokenized treasuries market inform
Per info from RWA.xyz, FOBXX is at this time the 2d-finest tokenized fund with over $435 million in sources.
The head US Treasury-backed asset is the BlackRock USD Institutional Digital Liquidity Fund (BUIDL), which launched on Ethereum and at this time has over $518 million in sources below management.
Investors have extra and extra looked to faucet into alternatives in the right-world asset (RWA) market. This has seen treasury-related merchandise such as the Ondo US Dollar Yield (USDY), Hashnote Rapid Duration Yield Coin (USYC), and OpenEden TBILL Vault (TBILL) entice a rising amount 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.
Within the intervening time, the total tag of tokenized US treasuries, cash-equivalents, and bonds, per RWA.xyz, has grown to over $2.27 billion.
That’s up from around $769 million on January 1, 2024, when FOBXX by the plan in which accounted for over $325 million of the total market tag.
BlackRock’s BUIDL launched in March 2024 and hit $500 million market cap in July.
