• Franklin Templeton has launched its US authorities cash fund on Ethereum Layer 2 community Arbitrum.
• The asset supervisor’s enlargement of FOBXX provides to accessibility on Stellar and Polygon.

Franklin Templeton, a world asset supervisor with $1.66 trillion in belongings below administration, has expanded its cash market fund, the Franklin OnChain U.S. Authorities Cash Fund (FOBXX) to the Arbitrum blockchain.

The agency introduced the transfer on Aug. 8, with the collaboration with Arbitrum Basis seeing the Wall Road large now provide its FOBXX fund to buyers on three blockchain networks. Other than Arbitrum, FOBXX can also be dwell on Stellar (XLM) and Polygon (MATIC).

“We are excited to see Franklin Templeton join the Arbitrum ecosystem and look forward to the transformative impact their participation will bring to our community,” Steven Goldfeder, co-founder and CEO of Arbitrum contributor Offchain Labs, stated.

FOBXX launches on Arbitrum

Franklin Templeton launched FOBXX in 2021, with a minimum of 99.5% of the fund’s whole belongings invested in US authorities securities, money and repurchase agreements. These are totally collateralized by US Treasury debt or money.

Franklin Templeton’s @FTI_DA OnChain U.S. Authorities Cash Fund is now accessible on Arbitrum!

We’re excited to have entry to the BENJI platform and see a serious monetary establishment, Franklin Templeton, construct on Arbitrum!https://t.co/CRWCFyz3NM pic.twitter.com/yrlwflYOow

— Arbitrum (💙,🧡) (@arbitrum) August 8, 2024

In line with the press release, investments in FOBXX can be by way of Franklin Templeton’s proprietary blockchain-integrated platform Benji. The launch on Arbitrum will see eligible buyers entry it on-chain.

“Expanding into the Arbitrum ecosystem is an important step on our journey to empower our asset management capabilities with blockchain technology,” Roger Bayston, Head of Digital Belongings at Franklin Templeton, famous.

FOBXX ranks behind BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL) when it comes to market cap with $412 million in comparison with over $510 million as per information on rwa.xyz on August 8, 2024. Ondo Finance’s US Greenback Yield (USDY) has a market cap of $299 million to rank third.