The market cap of Franklin OnChain U.S. Authorities Cash Fund has grown 26.7% this 12 months.
Franklin Templeton, one of many world’s largest asset managers boasting $1.46 trillion in property beneath administration, has launched its on-chain treasuries fund on Arbitrum, the most important Ethereum Layer 2.
Introduced on Aug. 8, the Franklin OnChain U.S. Authorities Cash Fund (FOBXX) is now reside on Arbitrum. Traders can entry the fund through Franklin Templeton’s blockchain-integrated recordkeeping system, Benji, which now options the choice to challenge FOBXX tokens on Arbitrum.
“Expanding into the Arbitrum ecosystem is an important step on our journey to empower our asset management capabilities with blockchain technology,” stated Roger Bayston, head of digital property at Franklin Templeton. “The partnership will accelerate the integration of decentralized finance within traditional financial services,” the corporate added.
“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,” stated Steven Goldfeder, the CEO and co-founder of Offchain Labs, Arbitrum’s core contributor.
Retail buyers can entry FOBXX through the Benji Investments cellular app, whereas institutional buyers can entry the Benji Institutional internet portal.
Franklin Templeton first entered the web3 sector with the launch of its Digital Property division in 2018. The corporate stated its digital property division has been actively creating blockchain-based options, funding methods, and working node validators since conception.
Franklin Templeton launched FOBXX on the Stellar Layer 1 community in 2021 April, comprising the primary U.S.-registered fund issued through a public blockchain. The agency additionally launched FOBXX on Polygon in April 2023.
Arbitrum at present ranks as the most important Ethereum Layer 2 by whole worth locked with $14.1 billion, in response to L2beat.
On-chain treasuries increase
The market cap of on-chain treasuries has ballooned in 2024, at present sitting at $1.89 billion after rising 146% from almost $768 million because the 12 months started, in response to Rwa.xyz. FOBXX is up 26.7% because the begin of the 12 months with $412.7 million and ranks because the second-largest on-chain treasuries fund.
The BlackRock USD Institutional Digital Liquidity Fund (BUILD) accounts for the lion’s share of progress, with the fund surging to a market cap of $510.3 million since launching on March 20.
The capitalization of on-chain treasuries suffered a slight pullback from final week’s all-time highs amid the sudden market crash in the beginning of the week, with BUIDL shedding 3.28%, FOBXX dipping 2.50%, and the sector retracing 1.56% total.
