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Franklin Templeton has expanded the trading of its OnChain U.S. Government Money Market Fund to include Ethereum blockchain. Introduced this year, the fund is also supported by Base, Aptos, and Avalanche blockchains, but primarily utilizes Stellar. Ethereum is a popular choice for issuing tokenized treasuries, handling over $1.6 billion of assets. The pioneering FOBXX, currently the third-largest tokenized money market fund, utilizes public blockchain for tracking transactions. Ethereum’s decentralized nature may ensure its benefit from tokenization according to Grayscale.

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Franklin Templeton’s OnChain U.S. Government Money Market Fund is now available for trade on Ethereum. The fund is also traded on several other blockchains, including Base, Aptos, and Avalanche. Ethereum is a favourite among issuers, processing $1.6 billion worth of tokenized assets.

Franklin Templeton has broadened the trading reach of its OnChain U.S. Government Money Market Fund to include Ethereum, one of the largest blockchains by market cap. Over the course of this year, the asset manager has introduced a series of new blockchains to support the fund, including Base, Aptos, and Avalanche. The primary public blockchain supporting the fund is Stellar.

First launched in 2021, FOBXX became the pioneer money market fund to utilize a public blockchain for tracking transactions and ownership. With a market cap of $410 million, FOBXX is currently the third-largest tokenized money market fund. BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL) leads the pack at $545 million, only six weeks after its launch. The second largest fund, Ondo’s U.S. Dollar Yield (USDY), sits at $452 million.

When issuing shares of tokenized treasuries, Ethereum is the clear favourite, handling over $1.6 billion of assets. Stellar and Solana follow suit according to rwa.xyz data. Asset manager Grayscale argued in a report that Ethereum is likely to benefit the most from tokenization as it is “meaningfully decentralized and credibly neutral for network participants.”