Franklin Templeton's Franklin OnChain U.S. Government Money Fund, the first U.S.-registered mutual fund to use Stellar blockchain for transactions and share ownership, surpassed $270 million AUM. The fund is accessible via the Benji Investments app and represents a major institutional adoption of blockchain technology in traditional finance.
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 process transactions and record share ownership on a public blockchain, utilizing Stellar's network. Share ownership is represented by BENJI tokens accessible through the Benji Investments mobile app. The fund invests at least 99.5% of assets in government securities, cash, and repurchase agreements, maintaining a stable $1.00 share price. The Stellar Development Foundation made a multi-million dollar investment in the fund, recognizing it as a demonstration of blockchain's potential to reshape investment management through increased transparency and lower operational costs.
