Franklin Templeton extends FOBXX fund to Solana, marking its latest blockchain extension

Franklin Templeton, the asset manager that has made serious moves into crypto, is moving its Franklin OnChain U.S. Government Money Fund onto Solana, marking its latest block extension for (FOBXX).

FOBXX, which acts a bit like a stablecoin in that it seeks to maintain a stable $1 share price, is already live on Coinbase’s Base, Aptos and Avalanche. Its first blockchain integration was with Stellar, about four years ago.

The fund invests in U.S. government securities, including fixed, floating and variable rate bonds as well as repurchase agreements collateralized fully by U.S. Treasuries or cash.

Tokenization is a fast-growing sector for crypto. A number of top U.S. asset managers including BlackRock, Fidelity and WisdomTree have moved into the space, often arguing that onchain investment products are easier to trade and maintain.

According to RWA.xyz there are $3.6 billion worth of tokenized Treasuries alone, the vast majority of which — i.e. $2.5 billion, not counting Layer 2s — are on Ethereum.

Franklin Templeton, which manages $594 million worth of tokenized Treasuries, is an early mover onto Solana, the scalable blockchain that had a breakout year in 2024, largely due to the adoption of memecoins.