The money market fund of Franklin Templeton, a $1.66 trillion asset manager, has been launched on Arbitrum.
 In a press release, the Wall Street colossus announced that the Franklin OnChain U.S. Government Money Fund FOBXX is now accessible to investors on Arbitrum, an Ethereum Layer 2 blockchain.
After being available on Stellar and Polygon, FOBXX has expanded to three blockchain platforms with this launch.
Franklin Templeton and the Arbitrum Foundation are partnering to offer the tokenized fund to investors through Benji Investments, a blockchain-integrated platform that Franklin Templeton operates.
It is important to note that this will be accessible through digital wallets on Benji, and eligible investors will also be able to access the fund on the Arbitrum network. Steven Goldfeder, co-founder and chief executive officer of Offchain Labs, said in a statement:
Franklin Templeton’s commitment to innovation aligns with our mission to provide scalable and efficient solutions for the financial sector. 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,”
“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 assets at Franklin Templeton, added.
BlackRock and Ondo Finance launched FOBXX in 2021. This U.S.-registered fund utilizes public blockchains to manage ownership records and transaction processing.
As of August 8, FOBXX has a market capitalization of $412 million, which is lower than BlackRock’s USD Institutional Digital Liquidity Fund, according to data from rwa.xyz.
The Treasury products classification is led by BUIDL, which has a value of over $510 million. Ondo Finance’s Ondo U.S. Dollar Yield, or USDY, is the third largest product, valued at $299 million.
Franklin Templeton has made substantial strides in implementing blockchain technology since establishing its digital assets unit in 2018.
The company has currently launched numerous crypto products, including a spot Bitcoin ETF with over $363 million in net assets, and has node validators.
