Franklin Templeton Launches Groundbreaking Money Market Fund on Coinbase’s Base

Franklin Templeton has announced that its OnChain US Government Money Market Fund is now tradeable on Coinbase's Base, marking a significant milestone as the first major asset manager to launch on this layer 2 blockchain.

The fund, which trades under the ticker FOBXX and has $410 million in assets, is already accessible on five other blockchains, including Stellar, Aptos, Avalanche, Arbitrum, and Polygon, with Stellar being the primary network. With this integration, Base becomes the sixth platform for investors.

Launched in 2021, FOBXX was the first money-market fund to utilize a public blockchain for transaction recording and ownership. Earlier this year, Franklin Templeton enhanced the fund’s utility by enabling peer-to-peer transfer capabilities within the digital asset ecosystem.

Currently, it ranks as the second-largest tokenized fund in the market, following BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL), which has over $518 million in assets under management as of October 31.

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Since its launch last year, Base has gained significant traction, amassing over $8 billion in total value locked (TVL) and processing 55% more transactions in the third quarter compared to the second.

Kosta Gushterov

Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.