Franklin Templeton Launches Benji App on Solana Network for FOBXX Fund
Franklin Templeton has launched the Benji mobile application for retail investors on the Solana network, allowing access to tokenized securities and cryptocurrencies. The firm's tokenized money market fund, FOBXX, is now available on Solana.
Key points include:
- FOBXX is also offered on Stellar, Base, Avalanche, Aptos, and Sui.
- The fund has $511 million in assets, investing primarily in US government securities while maintaining a stable value of $1 per share.
- Solana's total value locked (TVL) is approximately $8.9 billion, with a stablecoin market cap of $12.67 billion.
- Daily active addresses on Solana exceed 4.5 million, surpassing Ethereum.
- Institutional interest in Solana products is increasing, with several fund managers applying for spot Solana ETFs.
- Spot Solana ETF approval may occur within 24 months under the new administration.
The trend towards tokenizing real-world assets is growing, with tokenized treasuries and bonds reaching over $3.6 billion. The Ethereum network leads this space, followed by Stellar and Solana.