Wall Street Giant Expands $594 Million Fund to Include This Altcoin

Franklin Templeton has expanded its OnChain U.S. Government Money Market Fund (FOBXX) to the Solana (SOL) blockchain, marking another milestone in the growing adoption of tokenized financial assets.

This move signals growing institutional interest in blockchain-based investment vehicles.

The asset manager announced the expansion today, adding Solana to the list of supported networks, which already includes Ethereum, Coinbase’s Base, Aptos, and Avalanche, which was integrated last year. Stellar remains the fund’s primary blockchain.

Solana has emerged as a major platform for new tokens, particularly memecoins, and decentralized trading. A report by Pantera Capital shows that Solana currently accounts for over 90% of all new tokens launched on decentralized exchanges (DEXs), a significant jump from just 1% in late 2023.

“Even if innovation doesn’t start at Solana, it eventually finds its way there,” analysts Cosmo Jiang and Eric Wallach wrote in the report.

Launched in 2021, FOBXX has reached a market cap of $594 million, according to the data. It remains the third-largest tokenized money market fund behind Hashnote’s Short Duration Yield Coin (USYC) and BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL).

*This is not investment advice.