Franklin Templeton has expanded its OnChain US Government Money Market Fund (FOBXX) to the Ethereum blockchain, the second largest by market capitalization.
This adds Ethereum to the growing list of blockchains supporting the fund, which already includes Avalanche, Aptos and Coinbase’s Base. Ethereum is now the largest blockchain for FOBXX, following its deployment on networks like Arbitrum and Polygon.
FOBXX launched in 2021 and was the first money market fund to use a public blockchain to track transactions and ownership. The fund has a current market capitalization of $410 million, making it the third largest fund in the tokenized money market. It invests primarily in U.S. government securities, cash and repurchase agreements, collateralized by U.S. government securities or cash.
According to recent data from rwa.xyz, tokenized Treasuries saw an increase of almost 2% over the past week. Total assets under management (AUM) in tokenized government securities now stand at $2.329 billion, according to Dune data.
Additionally, Franklin Templeton’s FOBXX has a 17.6% market share across Ethereum, Arbitrum, Avalanche, Polygon, and Stellar. BlackRock’s Institutional USD Digital Liquidity Fund (BUIDL) currently leads the industry with $513.47 million in assets under management and a 22% market share.
Ethereum remains the top choice for tokenized treasury issuances, managing over $1.6 billion in assets. According to rwa.xyz, Stellar and Solana follow Ethereum in issuing tokenized government securities.
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