Franklin Templeton Launches Money Market Fund on Solana: Will BlackRock Come Up Short

• Franklin Templeton expands FOBXX to Solana, enhancing its blockchain footprint.
• Institutional investment in Solana is surging, solidifying its position in decentralized finance and tokenization.

Franklin Templeton has expanded its tokenized money market fund Franklin OnChain US Government Money Fund (FOBXX) to the Solana [SOL] blockchain, bolstering its presence in the digital asset arena.

The $1.6 trillion firm announced this expansion on February 12 as part of FOBXX’s multi-chain strategy.

Originally launched in 2021, the fund is already integrated with Ethereum [ETH], Coinbase Base, Aptos [APT], and Avalanche [AVAX], with Stellar [XLM] remaining its primary blockchain.

This makes FOBXX one of the largest tokenized money market funds with nearly $600 million in assets under management, reflecting growing adoption rates.

Mainly recognized as the first mutual fund utilizing blockchain technology for transaction processing and maintaining share ownership records—each share represented by a BENJI token—it continues to set industry standards.

The firm shared news on X (formerly Twitter), stating:

“New chain unlocked. BENJI is now live on Solana! Solana provides a fast, secure, and censorship-resistant Layer-1 solution that fosters global adoption through open infrastructure.”

Solana’s Rising Popularity

A surge of institutional interest has been observed in recent months for the Solana network—it appears there’s a shift away from viewing it merely as a memecoin hub.

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In Q3 2024 , investments directed toward decentralized applications built on SOL escalated by an impressive 54 % , totaling $173 million—an indication of increasing confidence among asset managers and hedge funds . span >

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Notably , SOL has experienced a significant rebound after reaching bear market lows below $10 following the FTX collapse. span >

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Recently , SOL achieved a new high point at $265.10 — driven partly by buzz surrounding former U.S. President Donald Trump ‘s memecoin launch on this platform . span >

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