Franklin Templeton has announced, as of February 12th, that it will no longer be offering its tokenized currency fund. “Franklin OnChain US Government Money Fund” (FOBXX), was deployed on Solana — the fund is now available on eight different blockchains.
According to Franklin Templeton’s website, the FOBXX invests 99.5% of its total assets in US government securities, cash, and repurchase agreements fully collateralized by US government securities or cash. It has a yield of 4.55%.
The tokenized money fund, or tokenized fund for short, is a fund that exists in the real world but whose digital shares are issued on blockchain. It has a secondary marketplace with zero downtime.
FOBXX’s market cap was nearly $594 million as of Feb. 11, making it the third-largest money fund with tokenized shares. Fund holders number 544, an increase of 2.5% over the last 30 days.
Aptos offers the smallest FOBXX amount, which is $21.4million. As a result, the FOBXX integration on Solana could give the network’s tokenized money fund ecosystem a much-needed boost.
As of Feb. 11, nearly $136 million in tokenized shares had been issued on Solana, less than 4% of the sector’s market cap.
More than $3.5 billion
In 2024 the tokenized money funds sector experienced a significant growth rate of 415%, and ended with a total market capital of almost $4 billion. The industry’s all-time high was almost $4.2 billion, registered on Jan. 7.
On February 11, tokenized money funds had a market capitalization of $3.6 billion. This was a drop of about 15% from the peak. It was four times more than last year’s market capitalization on that date.
Ethereum dominates the market, hosting over $2.4 billion in tokenized shares. Stellar comes in second place with almost $380 million worth of digital money fund shares. The network has issued $372 millions of FOBXX.
Aside from Ethereum and Stellar no other of the thirteen blockchains that rwa.xyz tracks has reached the threshold for tokenized money shares worth $150 million.
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