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.
Meanwhile, 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 stocks and bonds end up being tokenized just BlackRock CEO Larry Fink advocates for.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
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