Franklin Templeton Expands $435M FOBXX Fund to Aptos with Over $20M in Subscriptions

Oct 2, 2024, 01:27 PM

Franklin Templeton has significantly expanded its presence in the blockchain financial sector by launching its OnChain U.S. Government Money Fund (FOBXX) on the Aptos blockchain. This move marks the first U.S.-registered fund to utilize a public blockchain for transaction processing and share ownership. The $435 million fund, represented by the BENJI token, has already garnered over $20 million in subscriptions. Previously available on Avalanche, the fund now also supports Aptos, alongside other blockchains such as Arbitrum, Stellar, and Polygon. As the second largest onchain U.S. Government Money Fund with over 20% market share, this expansion is part of a broader trend of increasing institutional adoption of blockchain technology, which is expected to enhance liquidity, reduce fees, and accelerate transaction speeds.