Franklin Templeton Expands FOBXX to Solana

Franklin Templeton, a leading global investment firm, has expanded its Franklin OnChain U.S. Government Money Fund (FOBXX) to Solana. 

According to the Bitcoin ETF issuer, this Solana move will make the fund more accessible, improve transaction efficiency, and strengthen its commitment to blockchain-based investment products.

Why This Matters

Over time, Franklin Templeton has been strengthening its presence in the crypto space. For example, the fund, which maintains a stable $1 share price similar to a stablecoin, was introduced on Ethereum in November 2024. 

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

Solana is a fast, secure and censorship resistant Layer 1 blockchain encouraging global adoption via its open infrastructure.

Download the Benji app here: https://t.co/ITah6qMtns
Read more: https://t.co/4j3TDC9VHM pic.twitter.com/3aiODzkK3T

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

In addition, it is already active on networks such as Base and Avalanche. Consequently, by integrating with Solana, a blockchain known for its speed and low fees, the firm intends to provide investors with a more efficient and cost-effective way to trade digital assets.

The Bigger Picture

Similarly, tokenization is becoming a major trend in the financial sector. Many top asset managers, including BlackRock and Fidelity, have adopted blockchain-based investment products, pointing to benefits such as faster transactions, lower costs, and increased transparency. 

Furthermore, industry reports indicate that the total value of tokenized U.S. Treasuries has reached $3.6 billion, showing the growing demand for blockchain-powered finance.

What’s Next for Franklin Templeton?

In another event, Franklin Templeton filed for a Solana-based ETF in Delaware, signaling further expansion into the crypto market. If the U.S. Securities and Exchange Commission (SEC) approves the filing, it could open up new investment opportunities.

Investors can now access FOBXX through the Benji Investments app, where a BENJI token represents each share. Meanwhile, Franklin Templeton’s move comes as several firms file similar applications following President Donald Trump’s inauguration, which brought changes to the SEC, including the resignation of former Chair Gary Gensler.

Additionally, the firm projected a significant shift for Bitcoin in December, predicting its transition from a speculative asset to a functional reserve as its underlying technologies become more integrated into global financial systems.