TechFlow News — On August 8, according to The Block, global asset management giant Franklin Templeton has partnered with the Arbitrum Foundation to launch its on-chain U.S. government money market fund (FOBXX) on Arbitrum, an Ethereum Layer 2 network. The fund is represented by the BENJI token and was previously launched on Stellar and Polygon.
Investors can access FOBXX assets through Franklin Templeton's blockchain integration platform, Benji Investments, and hold the BENJI token in digital wallets. This collaboration aims to accelerate the convergence of traditional finance with the DeFi ecosystem. Initially launched on the Stellar blockchain, the fund expanded to Polygon in April and primarily invests in government securities and related instruments, seeking to maintain a stable share price of $1, with potential support for additional networks.
Roger Bayston, Head of Digital Assets at Franklin Templeton, stated that expanding into the Arbitrum ecosystem marks a significant step in leveraging blockchain technology to enhance asset management capabilities. Arbitrum is the largest Ethereum Layer 2 network, with a total value locked of $2.6 billion, holding 34% of the market share.
Steven Goldfeder, CEO and Co-Founder of Offchain Labs—the core contributor behind Arbitrum—said Franklin Templeton’s commitment to innovation aligns with their mission of delivering scalable and efficient solutions for the financial sector. He expressed excitement about Franklin Templeton joining the Arbitrum ecosystem and anticipated the transformative impact its participation will bring to the community.
