Aptos (APT), the Layer 1 blockchain inspired by the discontinued Diem (formerly Libra) blockchain developed by Meta, has become the latest network where investors can trade shares of Franklin Templeton’s OnChain US Government Money Market Fund (FOBXX).
The fund, the second largest tokenized fund on the market with a market cap of $435 million, is already available on Ethereum through Arbitrum, Stellar and Polygon, as well as Avalanche.
Franklin Templeton’s latest addition is thanks to Aptos’ unique features that also meet the asset manager’s strict suitability standards for its Benji platform, the company’s blockchain-integrated record-keeping system, said Roger Bayston, head of digital assets at Franklin Templeton. One Benji token represents one share of the fund.
Aptos is a fairly young Layer 1 blockchain that was launched in 2022. It uses the Move programming language, which it says enables faster and more protected transactions.
Aptos Labs, the developers behind the blockchain, have long made it their mission to bridge the gap between decentralized finance (DeFi) and large, traditional institutions, much like other Layer 1 blockchains.
In April, the company began working with Microsoft and Brevan Howard, as well as South Korean telecommunications operator SK Telecom, to help institutions make it easier to experiment with decentralized finance.
“Franklin Templeton’s willingness to innovate in the name of a truly decentralized and accessible financial future is inspiring,” said Bashar Lazaar, Head of Grants and Ecosystem at Aptos Foundation.
“To achieve that future, we need to connect not only the TradFi and DeFi worlds, but also EVM and non-EVM networks. The integration of the Benji Investments platform with the Aptos network is a huge step in the right direction and we look forward to welcoming them to the Aptos ecosystem,” he said.