Categories: MarketsMenafn

Franklin Templeton Takes Money Market Fund to Coinbase’s Blockchain

Wall Street giant Franklin Templeton, which has $1.65 trillion in assets under management, is bringing on an on-chain money market fund, the Franklin OnChain U.S. Government Money Fund (FOBXX), to Coinbase’s Layer-2 network Base.

In a recent post on the microblogging platform X (formerly Twitter), Franklin Templeton announced the expansion to Base, with the fund already being available on several Layer-2 networks, including Ethereum, Arbitrum, Avalanche, Aptos, and Stellar.

The announcement details Franklin Templeton, with the move, has become the first asset manager to build a tokenized fund on Base, the Layer-2 network Coinbase launched in 2023. The network is built on OP Stack, a development kit used by layer-2 Optimism.

Coinbase’s layer-2 network has been growing exponentially over the past year, partly thanks to its connection to the Nasdaq-listed cryptocurrency exchange and partly thanks to its extremely low transaction fees, which allowed its trading volume to soar.

Franklin Templeton’s On-chain Money Market Funds

For products like FOBXX, a money market fund that keeps its net asset value per share fixed at $1 and offers investors daily distributions as an Accrual fund, low transaction fees support potential investments as they have a smaller impact on investors’ bottom line.

The fund was launched back in 2021 on the Stellar blockchain before expanding to numerous other networks. The fund is primarily targeted at both institutional and retail investors and is accessible through the Benji Investments platform that Franklin Templeton operates.

Franklin Templeton’s tokenized money market fund competes with others from Wall Street giants, including the BlackRock USD Institutional Digital Liquidity Fund (BUIDL), which has over $500 million in assets under management. FOBXX currently has $410 million in AUM.

Franklin Templeton’s on-chain money market fund growth. Source: RWA.xyz

Other on-chain money market funds include Ondo’s US Dollar Yield (USDY) and OpenEden’s TBILL Vault (TBILL). These funds were launched as part of the growing trend of real world assets (RWA) being tokenized on-chain.

Other RWA protocols offer investors exposure to private loans or tokenized real estate investments. According to DeFiLlama data, the total value locked on real-world asset protocols on-chain is nearly $7 billion, including gold-backed cryptocurrencies like Tether Gold (XAUT) and Paxos Gold (PAXG).

Jerry Rolon

After working for 7 years as a Internet Marketer, Jerry now aims to explore the journalistic side of Internet. With his impeccable knowledge in this domain, he churns out some of the best news articles from the internet niche. With respect to acedamics, Jerry earned a degree in business from California State University.

Recent Posts

SALUTS Unveils Robot-Defined Operations at Web Summit Qatar: Pioneering Future AI Autonomy In-Space and On-Earth

Munich, Germany, 3rd June 2025, ZEX PR WIRE, SALUTS (formerly Salutes Space) a leader in…

17 hours ago

BET20 Casino Launches with €12,000 Crypto Bonus and Over 10,000 Games – No KYC, Instant Withdrawals

Huge Prizes Await: BET20 Crypto Casino Launches with Welcome Bonuses Up to €12,000 + 150…

1 day ago

Blenix Technology Launches Revolutionary Blockchain Ecosystem with BLX Token Presale

London, UK, 29th May 2025, ZEX PR WIRE, Blenix Technology, a global leader in innovative digital…

6 days ago

SX Bet Bets Big on Berachain: Bringing Web3 Sports Betting to Bera

Toronto, Canada, 29th May 2025, ZEX PR WIRE, SX Bet has officially launched on Berachain,…

6 days ago

Jessica Contreras Aims to Spark Tucson’s AI Revolution

Tucson, Arizona, 28th May 2025, ZEX PR WIRE, QUICK LOOK: Tucson native Jessica Contreras is turning her…

6 days ago

VEEPEEN Launches with Viral Momentum, Crosses 3,000 Holders Amid VEEPEEN Meme Surge

Perth, Australia, 28th May 2025, ZEX PR WIRE, The crypto world has a new viral…

7 days ago