Franklin Templeton's Franklin OnChain U.S. Government Money Fund, the first U.S.-registered mutual fund to process transactions and record share ownership on Stellar, surpassed $270 million in assets under management. The fund uses Stellar's blockchain for transaction activity and is available through the Benji Investments app.
Franklin Templeton announced that its Franklin OnChain U.S. Government Money Fund (FOBXX) has exceeded $270 million in assets under management as of March 31, 2023. The fund is the first U.S.-registered mutual fund to use a public blockchain for processing transactions and recording share ownership, utilizing the Stellar blockchain network. Share ownership is maintained via a proprietary blockchain-integrated system, and investors can access the fund through the Benji Investments app using BENJI tokens. The fund invests at least 99.5% of assets in government securities, cash, and repurchase agreements. The Stellar Development Foundation made a multi-million dollar investment in the fund, recognizing it as a demonstration of Stellar's capability for asset tokenization and traditional financial product integration.
