Public announcements from Franklin Templeton

Franklin Templeton Expands $420M FOBXX Money Fund to Arbitrum with BENJI Token

Aug 8, 2024, 01:38 PM

Franklin Templeton, a leading asset manager with $1.5 trillion in assets, has launched its OnChain U.S. Government Money Fund (FOBXX) on the Arbitrum blockchain, a layer-2 network of Ethereum. This expansion marks the fund's availability on a third blockchain, following its previous launches on Stellar and Polygon. The FOBXX fund, represented by the $BENJI token, currently holds a market cap of $420 million, making it the third-largest U.S. Treasury-linked on-chain product. The launch on Arbitrum is part of Franklin Templeton's collaboration with the Arbitrum Foundation, allowing investors to access the fund through digital wallets via the Benji Investments platform and the BENJI platform. This move comes amid a 27% increase in the market cap of the FOBXX fund this year, reflecting a growing interest in tokenized treasuries.