Franklin Templeton has recently expanded its OnChain U.S. Government Money Fund (FOBXX) to the Aptos blockchain, marking a significant step for the $1.6 trillion asset manager.
Launched in 2021, FOBXX is a US Treasury-backed fund that offers tokenized real-world asset benefits to investors.
The expansion to Aptos, announced on October 2, 2024, follows previous launches on other blockchains like Avalanche, Polygon, and Stellar.
FOBXX will use Franklin’s BENJI token on the Aptos network, making it easier for institutional investors to access the Benji Investments platform.
Right now, FOBXX is the second biggest tokenized fund, holding more than $435 million in assets. It comes after BlackRock’s USD Institutional Digital Liquidity Fund, which has over $518 million.
The tokenized treasury market is growing, with products such as Ondo U.S. Dollar Yield, Hashnote Short Duration Yield Coin, and OpenEden TBILL Vault becoming more popular.
The total value of tokenized US treasuries and related assets has risen to more than $2.27 billion, a big jump from $769 million at the beginning of 2024.
