Franklin Templeton’s Strategic Expansion Into Solana Highlights Potential for Growth in Blockchain Investments
The post Franklin Templeton’s Strategic Expansion Into Solana Highlights Potential for Growth in Blockchain Investments appeared on BitcoinEthereumNews.com.
With $1.6 trillion under management, Franklin Templeton is strategically expanding its blockchain footprint by incorporating the Solana network. Franklin Templeton expands FOBXX to Solana, enhancing its blockchain presence. Institutional investment in Solana surges, solidifying its role in decentralized finance and tokenization. Franklin Templeton has expanded its tokenized money market fund, Franklin OnChain US Government Money Fund (FOBXX), to the Solana [SOL] blockchain, further strengthening its presence in the digital asset space. Franklin Templeton Launches FOBXX on Solana On February 12, Franklin Templeton, managing assets worth $1.6 trillion, announced its integration with the Solana blockchain, bolstering FOBXX’s multi-chain capabilities. Originally introduced in 2021, FOBXX has already partnered with major networks, including Ethereum [ETH] and Avalanche [AVAX], while Stellar [XLM] continues to be its primary foundation. FOBXX has grown significantly, nearing a total asset value of $600 million, making it the third-largest tokenized money market fund globally. It holds the unique position of being the first mutual fund to utilize blockchain technology for transaction processing, where each share is represented by a BENJI token. On social media, Franklin Templeton stated, “New chain unlocked. BENJI is now live on Solana! Solana is a fast, secure and censorship resistant Layer 1 blockchain encouraging global adoption via its open infrastructure.” Solana’s Rising Institutional Interest The institutional interest in Solana has surged, marking a transition from its past reputation for being a memecoin hub. In the third quarter of 2024, investments in decentralized applications deployed on SOL spiked by 54%, summing up to $173 million. This trend indicates increasing confidence among wealth managers and hedge funds in Solana’s potential for decentralized finance. Moreover, SOL has demonstrated resilience, recovering from the bear market lows of under $10 and recently reaching a 52-week high of $265.10, driven in part by former U.S. President Donald Trump’s memecoin launch on…
Filed under: News - @ February 14, 2025 3:14 am