Franklin Templeton Expands $420M FOBXX Fund to Arbitrum, Market Cap Up 27%

Aug 8, 2024, 01:01 PM

Franklin Templeton, a major Wall Street financial institution, has expanded its $420 million tokenized money market fund to Arbitrum, a layer-2 network of Ethereum. The fund, known as the on-chain U.S. Government Money Fund, is now available on the Arbitrum platform and the BENJI platform, marking the third blockchain on which the fund is accessible. This expansion comes amid a significant increase in the market capitalization of Franklin Templeton's FOBXX fund, which has risen nearly 27% this year, reflecting a growing interest in tokenized treasuries.