coinspress.com
Franklin Templeton, a leading trillion-dollar asset management firm, has expanded its offerings by launching a tokenized version of its US government money fund on the Solana blockchain.
This move follows the company’s filing for a Solana Trust, which adds to the optimism surrounding the Solana network, even as its price struggles to remain above $200.
The firm’s Franklin OnChain US Government Money Fund (FOBXX) is now available on Solana, with Franklin Templeton highlighting the network’s speed, security, and censorship-resistance as key features supporting its global adoption. The fund, which focuses on US government securities, cash, and fully collateralized repurchase agreements, is already active across several blockchains, including Ethereum, Polygon, and Avalanche.
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The launch on Solana comes on the heels of Franklin Templeton’s recent filing for a Solana-based exchange-traded fund (ETF), a step that typically precedes an application to the U.S. SEC. This signals that the company may soon be looking to introduce a Solana ETF to the market.
This partnership aligns with Franklin Templeton’s positive outlook on Solana, which it has praised for its potential as the third-largest cryptocurrency network, behind only Bitcoin and Ethereum. The firm predicts Solana will be the network of choice for a new wave of crypto users.
Meanwhile, Anthony Scaramucci, founder of Skybridge Capital, echoed similar sentiments in a CNBC interview, asserting that Solana would emerge as the leader in the tokenization space. He believes the network’s speed and low transaction fees position it to become the dominant platform for tokenizing assets like stocks and bonds.
Crypto analysts also see the Franklin Templeton partnership as a sign of Solana’s rapidly growing tokenization ecosystem, with some forecasting long-term bullish movement for the network.