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 is a fund launched by the institution in 2021, and it is the first fund registered in the United States to use blockchain for processing transactions and recording ownership. The fund utilizes BENJI tokens for peer-to-peer transfers of FOBXX shares, with each share represented by a BENJI token 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 fund’s 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 in a leading position in the tokenization of U.S. government bonds. According to data from asset management firm 21.co, BENJI currently holds a 32% market share, equivalent to $384 million in assets.
However, asset management giant BlackRock also launched its first asset tokenization fund, the BlackRock Institutional Digital Liquidity 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%, which is less than a 3% difference from BENJI.