Franklin Templeton Launches Tokenized Money Market Fund on Solana

Franklin Templeton, a prominent global investment management firm, has positioned itself at the forefront of blockchain investment by launching its tokenized money market fund, FOBXX, on the Solana platform. This strategic move underscores the company's commitment to embracing innovative technologies to enhance its offerings and tap into the burgeoning real-world assets (RWA) market.

FOBXX, with approximately $600 million in assets, now secures its place as the third-largest tokenized money market fund currently available. This significant milestone reflects the fund's transition to the Solana blockchain, which enhances transaction speed and efficiency. The fund's total asset value has grown remarkably since its initial launch in 2021, demonstrating the growing appeal of tokenized investments.

Notably, FOBXX is the first mutual fund globally to implement blockchain technology for streamlining transaction processes and ensuring transparent share ownership. Each share is represented digitally through a BENJI token, aligning traditional finance with innovative crypto solutions. Prior to its launch on Solana, FOBXX was accessible on various blockchains, including Arbitrum, Coinbase’s Base, Polygon, Ethereum, Avalanche, and Aptos. Meanwhile, Stellar has been identified as the fund's primary blockchain.

In an announcement on social media, Franklin Templeton stated, "New chain unlocked. BENJI is now live on Solana! Solana is a fast, secure, and censorship-resistant Layer 1 blockchain encouraging global adoption via its open infrastructure." This move aligns with the company's ambition to be a leader within a growing ecosystem of real-world assets (RWAs) on Solana, joining other players such as LibreCapital’s private credit fund, government bonds from Etherfuse, and real estate assets provided by MetaWealth.

The RWA sector is currently witnessing a remarkable expansion, emerging as a leading performance driver in the early months of 2025. The sector has demonstrated a 10.0% increase year-to-date and a noteworthy 27.3% rise over the last month. This growth trajectory is supported by the sector's resilience amidst a fluctuating market landscape, experiencing substantial growth against the backdrop of economic volatility stirred by macroeconomic conditions, including geopolitical tensions and regulatory changes. At present, the sector’s Total Value Locked (TVL) has achieved an all-time high, with a reported TVL