Franklin Templeton Adds VeChain to $780 Million Tokenized Fund
VeChain price increased by 1.2% to approximately $0.025 following the addition of its blockchain to Franklin Templeton's $780 million tokenized US Government Money Fund. This marks an expansion beyond Ethereum and Solana to include lesser-known chains like VeChain.
Key facts:
- VET price rebound comes after an earlier decline of 11% during market volatility.
- VeChain joins Ethereum, Solana, and Stellar as public chains supporting the OnChain US Government Money Fund (FOBXX).
- Franklin Templeton manages $1.6 trillion in assets and aims to enable users to buy and hold tokenized US Treasury bills with regulated custody through BitGo and Keyrock.
Current technical indicators show:
- VET is near the 20-day mid-Bollinger Band at $0.02447.
- A breakout above $0.02797 could lead to prices reaching $0.030 and $0.0325.
- If VET fails to maintain support at $0.024, it may retest $0.020.
Anticipation of increased institutional inflows and on-chain usage is present, with hopes that the Franklin partnership will strengthen fundamentals and decrease VET's correlation with broader market volatility.