- Franklin Templeton has introduced the OnChain U.S. Executive Cash Fund (FOBXX) on Aptos.
- FOBXX these days has a marketplace cap of over $435 million, 2d amongst tokenized US Treasuries in the back of BlackRock fund BUIDL.
Franklin Templeton has expanded its OnChain U.S. Executive Cash Fund (FOBXX) to the layer-1 blockchain Aptos.
The $1.6 trillion asset supervisor, which additionally provides the Franklin Bitcoin ETF (EZBC) and Franklin Ethereum ETF (EZET), introduced the release of FOBXX on Aptos on Wednesday, October 2, 2024. It’s every other milestone for the corporate after its contemporary growth of the tokenized cash fund to Avalanche.
FOBXX introduced in 2021 and is a US Treasury-backed fund that brings some great benefits of tokenized real-world belongings to buyers.
With its growth to Aptos, the fund has expanded to a non-Ethereum Digital System (EVM) and provides to institutional investor get right of entry to thru Franklin Templeton’s platform Benji Investments.
FOBXX shall be represented through Franklin’s BENJI token at the Aptos community, serving to to merge conventional finance (TradFi) and decentralised finance (DeFi). Franklin introduced its cash marketplace fund to Polygon and Stellar blockchain networks in April 2024.
The company then expanded it to Arbitrum in August 2024.
Tokenized treasuries marketplace enlargement
Consistent with information from RWA.xyz, FOBXX is these days the second one greatest tokenized fund with over $435 million in belongings.
The highest US Treasury-backed asset is the BlackRock USD Institutional Virtual Liquidity Fund (BUIDL), which introduced on Ethereum and these days has over $518 million in belongings underneath control.
Traders have increasingly more appeared to faucet into alternatives within the RWA marketplace. This has noticed treasury-related merchandise such because the Ondo U.S. Greenback Yield (USDY), Hashnote Quick Length Yield Coin (USYC) and OpenEden TBILL Vault (TBILL) draw in a rising choice of holders.
USDY, USYC and TBILL have marketplace caps of $420 million, $280 million and $116 million respectively. Ondo introduced its USDY fund on Sui in March.
In the meantime, the entire worth of tokenized US treasuries, cash-equivalents and bonds, in step with RWA.xyz, has grown to over $2.27 billion.
That’s up from round $769 million on January 1, 2024, when FOBXX by the way accounted for over $325 million of the entire marketplace worth.
BlackRock’s BUIDL introduced in March 2024 and hit $500 million marketplace cap in July.