- Franklin Templeton launches tokenized US Government money fund.
- SOL network gains institutional confidence from major players.
- Scaramucci, BlackRock CEO back the networks tokenization potential.
Franklin Templeton is making waves in the crypto space by launching its tokenized money fund on Solana, just days after filing for a Solana Trust. The move positions the network as a key player in the digital asset tokenization space.
Franklin Templeton Launches FOBXX
Franklin Templeton has launched its tokenized US Government money fund, Franklin OnChain US Government Money Fund (FOBXX), on the Solana network. This development comes shortly after the firm filed for a Solana Trust. The launch adds a bullish outlook for SOL price, which has struggled to remain above $200.
The FOBXX fund invests primarily in US government securities, cash, and repurchase agreements fully backed by US government assets. The network is recognized for its speed, security, and censorship-resistance, which Franklin Templeton believes is an ideal choice to enhance global adoption.The firm also offers the fund on Ethereum, Base, Polygon, Avalanche, Aptos, and Arbitrum networks, showing its commitment to multi-chain accessibility.
Solana Gets Tokenization Nod From Major Players
Franklin Templeton has previously expressed confidence in the blockchain network. In 2023, Franklin Templeton predicted that the network would become the third-largest cryptocurrency, behind Bitcoin and Ethereum. Additionally, Franklin Templeton filed for a Solana Exchange Traded Fund (ETF) in Delaware just a day before launching the tokenized money fund, indicating a possible filing with the US SEC in the future.
The launch of this money fund is aligned with broader trends in tokenization. Anthony Scaramucci, founder of Skybridge Capital, expressed his confidence in the network, emphasizing its lower fees and faster transaction speeds. He believes the network will lead tokenization, especially if traditional assets like stocks and bonds become tokenized.
Scaramucci’s views align with those of major financial figures such as Larry Fink, CEO of BlackRock. Fink has long championed tokenization as the future of markets and has even launched a tokenized fund to test this concept.
Tokenization Boom
The launch of the tokenized money fund on Solana is a strong endorsement of the network’s capabilities. The investment community has taken note of the networks tokenization ecosystem, which is attracting significant attention. Franklin Templeton’s involvement signals the increasing importance of SOL network in this space.
The rise of tokenization, supported by figures like Scaramucci and Fink, reinforces Solana’s potential as a leader in reshaping financial markets. As more firms look to tokenize real-world assets, Solana’s high-speed, low-cost blockchain positions it as a strong contender. The latest developments reflect increasing institutional interest in the blockchain network and its role in the future of crypto markets.