Franklin Templeton Launches $594M Money Market Fund on Solana
Franklin Templeton has launched the OnChain U.S. Government Money Market Fund (FOBXX) on Solana, making it the third-largest tokenized money market fund. The fund is already available on Ethereum, Base, Aptos, and Avalanche.
Key points:
- Solana now hosts over 90% of new tokens on decentralized exchanges, a significant increase from 1% in late 2023.
- FOBXX, initiated in 2021, has a market capitalization of $594 million, trailing behind Hashnote’s USYC and BlackRock’s BUIDL.
- Tokenization is rapidly growing, with forecasts indicating a multitrillion dollar opportunity as traditional financial assets move to blockchain.
Solana's Growth
Ethereum holds a 52% market share of tokenized real-world assets valued at $3.8 billion. Solana ranks seventh with $135 million.
Franklin Templeton's move reflects a broader trend of interest in Solana for tokenization. Hedge fund manager Anthony Scaramucci highlighted Solana's potential to excel in this space.