Franklin Templeton Launches First Tokenized Money Market Fund on Ethereum

Franklin Templeton has unveiled the first-ever tokenized money market fund on the Ethereum blockchain, marking a significant milestone in the fusion of traditional finance and blockchain technology.

The fund, known as Franklin OnChain U.S. Government Money Fund (FOBXX), leverages Ethereum’s smart contract platform to track transactions and share ownership via a public blockchain system. Investors can access the fund through the Benji Investments mobile app, where each share of FOBXX is represented by a BENJI token.

The announcement, made on social media, emphasized the integration of Ethereum’s scalable and decentralized infrastructure with traditional financial products.

Currently, the FOBXX fund invests nearly all of its assets in U.S. government securities, cash, and repurchase agreements, with over $429 million in total net assets as of October 31.

Franklin Templeton, a global asset manager with $1.7 trillion in assets, has already rolled out the tokenized fund on several other blockchain platforms, including Coinbase’s Base. This move cements the firm’s position as a pioneer in the growing field of blockchain-based financial products.