Global asset management giant Franklin Templeton announced on the 25th that its Franklin OnChain U.S. Government Money Fund (FOBXX) can now conduct peer-to-peer transfers on the blockchain.
Franklin Templeton, a globally renowned asset management giant, announced on the 25th that its Franklin OnChain U.S. Government Money Fund (FOBXX) can now conduct peer-to-peer transfers on the blockchain.
The Franklin OnChain U.S. Government Money Fund, launched by the institution in 2021, is the first fund registered in the United States to use blockchain for transaction processing and recording of equity. It uses BENJI tokens to facilitate peer-to-peer transfers of FOBXX stocks and is deployed on the Polygon and Stellar chains.
The fund invests 99.5% of its total assets in U.S. government securities, cash, and repurchase agreements fully collateralized by U.S. government securities or cash. As of the end of June, the total assets amounted to nearly $300 million, with a net expense ratio of 0.20%.
Roger Bayston, Digital Asset Director at Franklin Templeton, stated in a statement that Franklin Templeton is leading in the tokenization of U.S. government bonds, with BENJI currently holding a 32% market share equivalent to $384 million in assets, according to data from asset management firm 21.co.
However, asset management giant BlackRock also launched its first asset tokenization fund, the “BlackRock USD Institutional Digital Liquid Fund” (BUIDL), on Ethereum on the 20th of last month. Within just one month, BUIDL reached a scale of $349 million, with a market share of 29.1%, less than 3% behind BENJI.
According to the product breakdown of government tokenized securities, source: 21.co/dune.