The post Franklin Templeton Launches $1.53 Trillion Tokenized Fund on Avalanche—Will AVAX Prices Surge? appeared on BitcoinEthereumNews.com.

Franklin Templeton has launched its on-chain money market fund on the Avalanche network. The fund allows investors to use USDC stablecoin for investments and enables peer-to-peer share transfers. Franklin Templeton, a global investment firm managing $1.6 trillion in assets, has deepened its involvement in blockchain technology by extending its on-chain money market fund to the Avalanche network. This is a major step in Franklin Templeton’s digital offerings following its 2021 launch of Franklin OnChain U.S. Government Money Fund (FOBXX). The fund, which is the first U.S.-registered mutual fund using a public blockchain, keeps expanding the bridge between traditional finance and blockchain.  FOBXX Fund Bridges Traditional Finance and Blockchain Technology The Franklin OnChain U. S. Government Money Fund has been a revolutionary product since the time it was launched. Each share of the $420 million fund is tied to a BENJI token, which investors can participate in through the Benji Investments app. Available on the Avalanche network, the fund enables token holders to swap USDC stablecoin for FOBXX shares, thus giving them a gateway to blockchain-based money market funds.  Among the improvements made by Franklin Templeton, peer-to-peer transfer of shares on the public blockchain is possible, which is not possible in traditional finance. This added utility enhances the efficiency of investors and, at the same time, demonstrates the possibility of the use of blockchain in the financial sector.  The tokenized money market fund sector has expanded significantly, standing at $1. 81 billion, partly due to the advantages that blockchain provides over the current systems. With the growing demand for returns on tokenized fiat holdings, blockchain-based funds like FOBXX are likely to become popular among retail and institutional investors.  Avalanche Attracts Institutional Interest with Robust Features This is in line with Avalanche’s position as a blockchain platform for institutions, as evidenced by…

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Filed under: News - @ September 22, 2024 9:12 am