Franklin Templeton filed an SEC prospectus for a money market fund whose shares would be recorded on the Stellar Network. The fund would invest in government securities and cash, with shares purchasable through the firm's app starting at $20 minimum.
Franklin Templeton Investments, a multi-billion-dollar asset manager with over $700 billion in assets under management, filed a preliminary prospectus with the SEC for a money market fund that would record share ownership on the Stellar blockchain. The fund would not invest in cryptocurrencies but rather maintain 99.5 percent of assets in government securities, cash, and repurchase agreements. Shares would be purchasable through Franklin Templeton's online app with a $20 minimum purchase, targeting a $1 per share net asset value. The prospectus notes blockchain-based shares offer transparency but carry risks including hacking and fund loss. Franklin Templeton characterized the project as a test, with the fund subject to liquidation at the firm's discretion.
