Franklin Templeton’s OnChain US Government Money Market Fund can now be traded on Ethereum.
The fund is already available on several other blockchains, including most recently Base, Aptos and Avalanche.
Ethereum is by far the most popular choice among issuers, handling $1.6 billion worth of tokenized assets.
Franklin Templeton has expanded the trade in its products OnChain US Government Money Market Fund (FOBXX) to the second largest blockchain by market cap, Ethereum (ETH).
The asset manager has added a series of new blockchains to support the fund this year, including most recently Coinbase base, Aptos, and Avalanche. It uses the Stellar Network as the primary public blockchain.
FOBXX launched in 2021 and became the first money market fund to use a public blockchain to track transactions and ownership. It currently has a market capitalization of $410 million, making it the third largest tokenized money market fund.
BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL) climbed to the top of the list just six weeks after launching in late March. It currently stands at $545 million, while the next largest fund, Ondo’s US Dollar Yield (USDY), is at $452 million.
Among issuers, Ethereum is by far the best choice to issue shares of tokenized treasuries, with the largest blockchain handling more than $1.6 billion in assets, followed by Stellar (XLM) and Solana (SOL), according to data by rwa.xyz.
Asset manager Grayscale, in a The April report argued that Ethereum is “meaningfully decentralized and credibly neutral for network participants, likely a requirement for any global platform for tokenized assets” and therefore has the best chances among smart contracts to benefit from tokenization.