Franklin Templeton has made Onchain US Government Money Market Fund (FOBXX), the third largest tokenized money market fund, available at Solana in another signal of growing interest in blockchain.
The fund is already available at Ethereum, Coinbases Base, Aptos and Lavine, all of which were added last year. That stars network works like the primary blockchain. Asset Manager announced the extension on Wednesday.
Solana has emerged as the leading place of new tokens (mostly memcoins) and decentralized trade. It now accounts for over 90% of all new tokens that appear on decentralized stock exchanges (DEX), according to a Pantera Capital report. It’s up from 1% at the end of 2023.
“Even when Innovation doesn’t start at Solana, it eventually finds it,” Cosmo Jiang and Eric Wallach wrote in the report.
FOBXX, which started in 2021, has grown to a market value of $ 594 million, according to data from RWA.xyx. It is limping behind Hashnote’s short duration yield coin (usyc) and Blackrock’s USD Institutional Digital Liquidity Fund (BUIDL).
Tokenization is one of the fastest growing sectors of crypto uptake, as institutions are increasingly bringing traditional financial assets such as bonds, raw materials and funds for the blockchain economy for more efficient operation and faster settlement. It’s a multitrillion dollar market opportunity, reports from BCG, McKinsey and Brevan Howard have predicted.
Solana collects steam
Smart Contract Network Ethereum leads to tokenization efforts with a 52%market share that represents $ 3.8 billion worth of tokenized assets in the real world. It is followed by Ethereum Layer-2 Zksync-era, rwa.xyz data shows. Solana, to $ 135 million, ranks seventh.
Franklin Templeton’s expansion to Solana is the latest sign of increasing interest in the network of tokenization efforts. Really Active Platform Securitize expanded its offers, including Buidl, to the network at the end of January.
Anthony Scaramucci, the founder and CEO of Hedge Fund Skybridge, in a Tuesday interview, proclaimed Solana’s speed and efficiency and said it will “win the race” in the tokenization world.
