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Franklin Templeton Launches Tokenized Fund on Solana
Trillion-dollar asset manager Franklin Templeton has launched its tokenized money fund on the Solana network, just a day after filing for a Solana Trust. This development provides a bullish outlook for the Solana price, which is currently struggling to stay above $200.
Franklin Templeton Launches Tokenized Fund On Solana
In an X post, Franklin Templeton announced that its Franklin OnChain US Government Money Fund (FOBXX) is now live on the Solana network. The asset manager praised the top layer 1 network as fast, secure, and censorship-resistant, encouraging global adoption via its open infrastructure.
According to the firm, the FOBXX fund invests at least 99.5% of its total assets in US government securities, cash, and repurchase agreements fully collateralized by US government securities or cash. The fund is already available on the Ethereum, Base, Polygon, Avalanche, Aptos, and Arbitrum networks.
The launch of this money fund on the Solana network comes just a day after Franklin Templeton entered the SOL ETF race with a Delaware filing. Such a move always precedes a filing with the US SEC, which indicates that the asset manager could soon file to offer a Solana ETF with the US SEC.
Meanwhile, this move from the asset manager isn’t surprising, considering that last year, it praised the Solana network and predicted that SOL would become the third-largest crypto behind Bitcoin and Ethereum. The firm asserted that the network would be the go-to choice for sectors that will onboard the next set of crypto users.
Anthony Scaramucci Bets On Solana
In a CNBC interview, the founder and managing partner of Skybridge Capital, Anthony Scaramucci, asserted that the Solana network will win the tokenization race, indicating it will become the go-to platform for tokenizing real-world assets.
He explained that Solana is faster and has lower gas fees, so he believes it will win the war in tokenization. He added that Solana will become the obvious choice for stocks, and bonds end up being tokenized just as BlackRock CEO Larry Fink advocates for.
Meanwhile, crypto analyst Ted remarked that Solana’s tokenization ecosystem is evolving rapidly, especially with the Franklin Templeton partnership. He added that this is a strong long-term bullish signal for the Solana price.
Conclusion
In conclusion, the launch of Franklin Templeton’s tokenized money fund on the Solana network is a significant development in the crypto space. The network’s fast and secure architecture, combined with its low gas fees, make it an attractive option for institutions and individual investors alike. The potential for Solana to become the go-to platform for tokenizing real-world assets is high, and the launch of this fund is a step in the right direction.
FAQs
What is the Solana network?
The Solana network is a decentralized, fast, and secure blockchain platform that allows for the creation of decentralized applications (dApps) and tokenization of real-world assets.
What is the Franklin OnChain US Government Money Fund (FOBXX)?
The FOBXX is a tokenized money fund offered by Franklin Templeton that invests at least 99.5% of its total assets in US government securities, cash, and repurchase agreements fully collateralized by US government securities or cash.
Why did Franklin Templeton choose the Solana network for its tokenized money fund?
Franklin Templeton praised the Solana network for its speed, security, and censorship-resistance, making it an attractive option for its tokenized money fund.
What are the benefits of using the Solana network for tokenization?
The Solana network offers fast and secure transactions, low gas fees, and an open infrastructure, making it an attractive option for tokenizing real-world assets.
What are the potential implications of Solana’s rise in the tokenization space?
Solana’s rise in the tokenization space could lead to increased adoption and recognition as a major player in the crypto market.
