Franklin Templeton Integrates OnChain U.S. Government Money Market Fund with Avalanche Network

Franklin Templeton Expands OnChain U.S. Government Money Market Fund to Avalanche Network

Franklin Templeton’s OnChain U.S. Government Money Market Fund (FOBXX) has recently broadened its accessibility by integrating with the Avalanche network. This strategic move aims to enhance the fund’s reach and provide more options for investors. According to Roger Bayston, the head of digital assets at Franklin Templeton, “I think the Avalanche ecosystem represents a super robust network that allows us to deliver high-quality attributes and characteristics to our customers.”

The fund maintains its official record of ownership on the Stellar network, while also utilizing Polygon and Arbitrum for specific accounts. The addition of Avalanche marks a significant milestone in Franklin Templeton’s ongoing efforts to diversify access to this innovative fund.

“For us, why we’re very excited to have Franklin Templeton’s Benji app and platform deployed on Avalanche is really twofold,” noted Morgan Krupetsky, Head of Capital Markets and Institutions at Ava Labs. “On one hand, the money market fund’s contract serves as a foundational component for a broader tokenized asset ecosystem and its capabilities.”

“On the other hand,” Krupetsky continued, “collaborating with the team allows us to deliver real-world utilities and use cases for users today. These functionalities, which were previously cumbersome or off-chain, now have enhanced capabilities and access points that weren’t available before.”

Launched in 2021, FOBXX made history as the first money market fund to record transactions and ownership on a public blockchain. Three years later, it has achieved a market capitalization of $420 million, demonstrating its growing significance in the financial landscape.