$1.5 trillion Franklin Templeton launches tokenized treasury fund on Solana after hinting at SOL ETF submitting

Franklin Templeton, managing round $1.5 trillion in property, is bringing its tokenized treasury fund to Solana, the corporate introduced on X immediately. The launch comes after the asset supervisor registered its Franklin Solana Belief in Delaware on Monday.

New chain unlocked. BENJI is now stay on @solana!

Solana is a quick, safe and censorship resistant Layer 1 blockchain encouraging world adoption through its open infrastructure.

Obtain the Benji app right here: https://t.co/ITah6qMtns
Learn extra: https://t.co/4j3TDC9VHM pic.twitter.com/3aiODzkK3T

— Franklin Templeton Digital Belongings (@FTDA_US) February 12, 2025

The fund, often known as the Franklin OnChain U.S. Authorities Cash Fund, or FOBXX, is now accessible on eight blockchains, beforehand together with Stellar, Aptos, Avalanche, Arbitrum, Polygon, Base, and Ethereum.

“Solana is a quick, safe and censorship resistant Layer 1 blockchain encouraging world adoption through its open infrastructure,” the agency defined its choice.

Launched on Stellar in 2021, FOBXX has grown to turn out to be one of many world’s main money-market funds.

As of Feb. 11, the fund had round $495 million in market cap, solely behind USYC, the on-chain illustration of Hashnote Worldwide Quick Period Yield Fund Ltd. (SDYF), with a market cap exceeding $1 billion, in line with Dune Analytics.

BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL), which instantly challenged FOBXX following its launch final yr, had roughly $394 million in market cap as of Tuesday.

BUIDL beforehand surpassed FOBXX to guide the tokenized treasury fund market.

Early endorsement

The Wall Road large has proven ongoing curiosity in Solana’s ecosystem.

Following the SEC approval of US-listed spot Bitcoin ETFs, together with Franklin’s EZBC, the agency shared in a collection of posts on X that they have been within the imaginative and prescient of Anatoly Yakovenko, Solana’s co-founder.

Franklin additionally identified key developments within the Solana ecosystem in This autumn 2023, corresponding to developments in DePIN, DeFi, the meme coin market, NFT innovation, and the launch of the Firedancer scaling resolution.

The asset supervisor established the Franklin Solana Belief in Delaware this week, indicating plans to launch a Solana ETF within the US.

The belief’s registration by CSC Delaware Belief Firm indicators Franklin’s intention to file essential types with the SEC to formally introduce the ETF, which goals to trace the value motion of SOL, the fifth-largest crypto by market cap.

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