The market cap of Franklin OnChain U.S. Authorities Cash Fund has grown 26.7% this yr.
Franklin Templeton, one of many world’s largest asset managers boasting greater than $1.6 trillion in property beneath administration, has launched its on-chain treasuries fund on Arbitrum, the biggest 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 presents publicity to FOBXX through its BENJI tokens.
“Increasing into the Arbitrum ecosystem is a crucial step on our journey to empower our asset administration capabilities with blockchain expertise,” stated Roger Bayston, head of digital property at Franklin Templeton. “The partnership will speed up the combination of decentralized finance inside conventional monetary providers,” the corporate added.
“We’re excited to see Franklin Templeton be a part of the Arbitrum ecosystem and stay up for the transformative affect their participation will convey to our group,” stated Steven Goldfeder, the CEO and co-founder of Offchain Labs, Arbitrum’s core contributor.
Retail buyers can entry FOBXX through the Benji Investments cell 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 biggest Ethereum Layer 2 by whole worth locked with $14.1 billion, based on L2beat.
On-chain treasuries growth
The market cap of on-chain treasuries has ballooned in 2024, at present sitting at $1.89 billion after rising 146% from practically $768 million because the yr started, based on Rwa.xyz. FOBXX is up 26.7% for the reason that begin of the yr with $412.7 million and ranks because the second-largest on-chain treasuries fund.
The BlackRock USD Institutional Digital Liquidity Fund (BUIDL) 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 firstly of the week, with BUIDL shedding 3.28%, FOBXX dipping 2.50%, and the sector retracing 1.56% general.
