Franklin Templeton introduced on Feb. 12 that its tokenized cash fund, “Franklin OnChain US Authorities Cash Fund” (FOBXX), was deployed on Solana — the fund is now out there on eight totally different blockchains.
In keeping with Franklin Templeton’s web site, the FOBXX invests 99.5% of its whole property in US authorities securities, money, and repurchase agreements totally collateralized by US authorities securities or money. It affords a 4.55% annual share yield (APY).
A tokenized cash fund is a real-world fund whose shares are digitally issued on a blockchain, giving it a secondary market with no downtime.
FOBXX’s market cap was practically $594 million as of Feb. 11, making it the third-largest cash fund with tokenized shares. The fund has 544 holders, a 2.5% improve over the previous 30 days.
The smallest quantity of FOBXX is out there on Aptos, totaling $21.4 million. Consequently, the FOBXX integration on Solana might give the community’s tokenized cash fund ecosystem a much-needed increase.
As of Feb. 11, practically $136 million in tokenized shares had been issued on Solana, lower than 4% of the sector’s market cap.
Over $3.5 billion
The tokenized cash fund sector skilled important progress of 415% in 2024, closing the yr with a market cap of practically $4 billion. The business’s all-time excessive was nearly $4.2 billion, registered on Jan. 7.
As of Feb. 11, the tokenized cash fund market cap was $3.6 billion, roughly 15% down from its peak. However, it was nonetheless over 4 occasions bigger than the market cap registered on the identical date final yr.
Ethereum dominates the market, internet hosting over $2.4 billion in tokenized shares. The second-largest community is Stellar, with practically $380 million in digital cash fund share variations. That is primarily as a result of $372 million of FOBXX issued within the community.
Moreover Ethereum and Stellar, not one of the different 13 blockchains tracked by rwa.xyz reached the $150 million in tokenized cash fund shares threshold.
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