Asset manager Franklin Templeton has introduced its tokenized money market fund, the Franklin OnChain US Government Money Fund (FOBXX), on the Solana (SOL) blockchain.
Franklin Templeton, with $1.6 trillion of assets under management, made the announcement on February 12, marking the latest expansion of FOBXX to another blockchain.
Franklin Templeton Introduces FOBXX On Solana
Launched in 2021, the FOBXX fund now holds its position as the third-largest tokenized money market fund, according to rwa.xyz. Moreover, it recently hit a new milestone, approaching a total asset value of $600 million.
Notably, FOBXX is the first mutual fund globally to utilize blockchain technology for processing transactions and recording share ownership. Each share of the fund is represented by a BENJI token.
Before Solana, the fund was available on Arbitrum (ARB), Coinbase’s Base, Polygon (POL), Ethereum (ETH), Avalanche (AVAX), and Aptos (APT). In addition, Stellar (XLM) serves as FOBXX’s primary blockchain.
“New chain unlocked. BENJI is now live on solana! Solana is a fast, secure and censorship resistant Layer 1 blockchain encouraging global adoption via its open infrastructure,” Franklin Templeton stated in an X post.
Franklin Templeton is positioning itself among a growing cohort of real-world assets (RWAs) issued on Solana. These include private credit funds from LibreCapital, government bonds from etherfuse, real estate assets from MetaWealth, and commodities from dVIN Labs and BAXUS.
Apart from RWA’s, Franklin Templeton has been expanding its presence in the crypto market. It launched Bitcoin (BTC) and Ethereum exchange-traded funds (ETFs) last year. The asset manager is also seeking approval from the SEC for a Crypto Index ETF. Additionally, on February 10, it registered a Delaware-based trust tied to a Solana ETF.
Meanwhile, the RWA sector has experienced significant growth, emerging as the top-performing sector in early 2025. The sector has seen a 10.0% increase year-to-date (YTD) and a notable 27.3% rise in the past month.
In fact, while the broader market faced correction and volatility due to macroeconomic factors, including Donald Trump’s tariff imposition, RWA stood out. The sector’s total Total Value Locked (TVL) has reached an all-time high (ATH). At press time, the TVL stood at $8.65 billion, as per DefiLlama.
While current growth looks promising, future predictions are even more optimistic. A recent report by Security Token Market (STM.Co) forecasts that tokenized RWAs will reach $30 trillion by 2030. In a bullish scenario, this figure could rise to $50 trillion.
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