Franklin Templeton Extends Fund Access on Avalanche Blockchain

Franklin Templeton, managing $1.6T in assets, is expanding its blockchain footprint by offering an OnChain U.S. Government Money Fund on Avalanche.

The Deets

OnChain Fund: Franklin OnChain U.S. Government Money Fund (FOBXX) now available on Avalanche.
BENJI Tokens: Each share of the $402M fund is represented by a BENJI token.
Enhanced Utility: Investors can convert USDC to fund investments and transfer shares peer-to-peer.
Future Plans: Potential for secondary market trading and increased fund utility.

The Bulk

Franklin Templeton, renowned for its expansive financial management, has taken a significant step in the digital assets space by offering its Franklin OnChain U.S. Government Money Fund (FOBXX) on the Avalanche network. Initially launched in 2021, this fund is the first and only U.S.-registered mutual fund leveraging a public blockchain for transaction processing and share ownership recording.

The move to Avalanche allows the fund to capitalize on the network's EVM compatibility, low transaction fees, and sub-second transaction finality. Investors can now use the Benji Investments app to gain exposure to FOBXX, with each fund share represented by a BENJI token. The app also allows the conversion of USDC stablecoin to fund investments and peer-to-peer share transfers on the blockchain.

Avalanche’s robust infrastructure has attracted numerous institutions, including Franklin Templeton, which is exploring blockchain, smart contracts, and tokenization technology to modernize financial services. This expansion marks a key development in the firm's strategy to integrate traditional finance with blockchain technology, potentially paving the way for secondary market trading and collateral mobility for the fund.

🎤 Founder Feedback

Bringing the Benji platform to the Avalanche network further expands access to our first-of-its-kind tokenized money market fundRoger Bayston, Head of Digital Assets at Franklin Templeton

🔜 What's Next?

Franklin Templeton plans to introduce more innovative features and utilities to its fund, potentially including secondary market trading and greater collateral mobility. Investors should stay tuned for further developments.

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Author Bio

Logan Hitchcock

NFT Analyst

Logan is a content lead at Lucky Trader and is best known for selling every good NFT far too early. He also maintains an irrational exuberance for clay-based NFTs.

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