The post Franklin Templeton Money Market Fund Launches on Layer 2 Arbitrum appeared on BitcoinEthereumNews.com.

Key Points: Franklin Templeton Money Market Fund is now available on the Arbitrum blockchain, joining previous platforms Stellar and Polygon. The launch of FOBXX on Arbitrum aims to bridge traditional finance with decentralized finance and attract new investors. The fund, valued at $420 million, is the third-largest U.S. Treasury-linked on-chain product. Franklin Templeton, one of the largest managers of assets, with $1.5 trillion under management, has announced that its OnChain U.S. Government Money Fund is now on the blockchain of Arbitrum. Read more: Franklin Templeton Bitcoin Layer 2s Massive $1.6T Opportunity Potential! Franklin Templeton Launches OnChain Fund on Arbitrum Blockchain Announced on August 8, Franklin Templeton Money Market Fund was the third listed blockchain platform after previous tokenizations on Stellar and Polygon. According to L2beat, with $14.17 billion in TVL, Arbitrum is one of the largest Ethereum layer-2 networks. The feat was possible because Franklin Templeton upgraded its blockchain-integrated recordkeeping system—Benji—to support the issuance of FOBXX tokens on Arbitrum. The move is going to further bring DeFi and traditional finance systems closer, for it is going to help enhance the integration of the Franklin Templeton Money Market Fund with the digital assets ecosystem. Integrating Arbitrum would further increase the firm’s exposure to a new set of audience and help Franklin Templeton take its role in the evolving financial landscape to the next level. FOBXX Moves to Third-Largest U.S. Treasury-Linked On-Chain Product The Franklin Templeton Money Market Fund is ranked as the third-biggest U.S. Treasury-linked on-chain product, having a market capitalization of $420 million, and being the first U.S. Treasury money market fund to leverage public blockchain technology for transaction execution and ownership recording. The fund launched at a time when there was a big trend to tokenize real-world assets. Major other players include BlackRock, Securitize, and Ondo Finance, all of…

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Filed under: News - @ August 8, 2024 9:16 pm