Franklin Templeton integrates Solana into its $594 million tokenized money market fund FOBXX, strengthening the blockchain’s position in tokenized finance.
A new strategic expansion on Solana
Franklin Templeton continues to expand its footprint in the world of tokenized finance by adding Solana to the blockchains supported by its OnChain U.S. Government Money Market Fund (FOBXX). With a market capitalization of $594 million, this money market fund is now available on one of the most dynamic blockchain ecosystems of the moment. This decision highlights the rise of Solana in the field of tokenization, which has so far been dominated by Ethereum.
A fund already deployed on multiple networks
Before integrating Solana, FOBXX was already available on Ethereum, Base (Coinbase’s blockchain), Aptos, Avalanche, and alongside Stellar, which remains its main blockchain. The expansion on Solana, announced by Franklin Templeton on Wednesday, comes at a time when institutional asset managers are increasingly exploring the opportunities offered by blockchain to enhance the efficiency of their operations.
Solana, a new hub for tokenization?
Long perceived as a blockchain focused on speculative trading and memecoins, Solana is now positioning itself as a key platform for tokenizing traditional financial assets. According to a report by Pantera Capital, the blockchain now accounts for more than 90% of new tokens launched on decentralized exchange platforms (DEX), compared to only 1% at the end of 2023.
Tokenization: a booming market
The tokenization of real-world assets (RWA) is emerging as one of the most promising segments in the crypto sector. By integrating traditional financial instruments such as bonds, money market funds, and commodities into the blockchain ecosystem, institutions seek to reduce settlement times and improve transaction transparency. According to studies, this market represents a trillion-dollar opportunity.
While Ethereum currently dominates tokenization with a 52% market share and a total of $3.8 billion in tokenized assets, Solana has shown significant progress with $135 million in tokenized assets, ranking seventh globally. The recent partnership between Securitize and Solana to bring new tokenized assets, including BlackRock’s BUIDL fund, confirms this trend.
Solana, the blockchain that could prevail
The addition of FOBXX to Solana marks a turning point in institutional recognition of the network. As major players like Franklin Templeton and BlackRock adopt the blockchain, its position as a leader in tokenized finance becomes increasingly credible.
Franklin Templeton’s expansion on Solana goes beyond a mere technological addition: it illustrates the evolution of a market where blockchain infrastructures are gradually becoming pillars of traditional finance.
