Franklin Templeton has unveiled its tokenized money market fund, the Franklin OnChain US Government Money Fund (FOBXX), on the Solana (SOL) blockchain, marking a significant expansion for the asset manager with $1.6 trillion under management.
Introduced on February 12, the FOBXX fund has quickly gained traction, becoming the third-largest tokenized money market fund globally. Its asset value has recently surpassed $600 million, as reported by rwa.xyz.
Notably, FOBXX stands out as the first mutual fund to leverage blockchain technology for transaction processing and share ownership recording. Each share is denoted by a BENJI token.
Initially available on various other blockchains such as Arbitrum, Coinbase's Base, Polygon, Ethereum, Avalanche, and Aptos, Stellar serves as the fund's primary blockchain.
Franklin Templeton's move to Solana aligns with its strategy to participate in the growing trend of real-world assets issuing on the blockchain network. Other notable assets on Solana include private credit funds, government bonds, real estate assets, and commodities.
In addition to its blockchain ventures, Franklin Templeton has been actively expanding its presence in the crypto market by introducing Bitcoin and Ethereum exchange-traded funds (ETFs) and seeking approval for a Crypto Index ETF from the SEC.
During the year 2025, the real-world assets sector has shown remarkable growth, outperforming other segments despite market corrections and volatility. With a considerable increase in the Total Value Locked (TVL) reaching an all-time high of $8.65 billion, the sector's performance remains robust.
Projections by Security Token Market estimate that tokenized RWAs could potentially reach $30 trillion by 2030, with bullish scenarios forecasting figures up to $50 trillion. This positive trajectory hints at a promising future for tokenized assets on the blockchain.
As the world of digital assets continues to evolve, Franklin Templeton's foray into tokenized funds on Solana signifies a noteworthy milestone in the financial industry's adoption of blockchain technology.