Franklin Templeton FOBXX tokenized money fund goes live on Solana

Franklin Templeton announced on Feb. 12 that its tokenized money fund, “Franklin OnChain US Government Money Fund” (FOBXX), was deployed on Solana — the fund is now available on eight different blockchains.

According to Franklin Templeton’s website, the FOBXX invests 99.5% of its total assets in US government securities, cash, and repurchase agreements fully collateralized by US government securities or cash. It offers a 4.55% annual percentage yield (APY).

A tokenized money fund is a real-world fund whose shares are digitally issued on a blockchain, giving it a secondary market with no downtime. 

FOBXX’s market cap was nearly $594 million as of Feb. 11, making it the third-largest money fund with tokenized shares. The fund has 544 holders, a 2.5% increase over the past 30 days.

The smallest amount of FOBXX is available on Aptos, totaling $21.4 million. As a result, the FOBXX integration on Solana could give the network’s tokenized money fund ecosystem a much-needed boost. 

As of Feb. 11, nearly $136 million in tokenized shares had been issued on Solana, less than 4% of the sector’s market cap.

Over $3.5 billion

The tokenized money fund sector experienced significant growth of 415% in 2024, closing the year with a market cap of nearly $4 billion. The industry’s all-time high was almost $4.2 billion, registered on Jan. 7.

As of Feb. 11, the tokenized money fund market cap was $3.6 billion, roughly 15% down from its peak. Nevertheless, it was still over four times larger than the market cap registered on the same date last year.

Ethereum dominates the market, hosting over $2.4 billion in tokenized shares. The second-largest network is Stellar, with nearly $380 million in digital money fund share versions. This is mainly due to the $372 million of FOBXX issued in the network.

Besides Ethereum and Stellar, none of the other 13 blockchains tracked by rwa.xyz reached the $150 million in tokenized money fund shares threshold.

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