Franklin Templeton has expanded its OnChain U.S. Government Money Fund — known as FOBXX — to the Solana blockchain, adding another layer-1 network to what is now one of the most broadly distributed tokenised fund products in the institutional market.
According to Cointelegraph, Franklin Templeton announced the Solana launch on February 12, with a company representative stating that the move reflects the asset manager's commitment to expanding its layer-1 blockchain footprint as Solana continues to grow its institutional participant ecosystem.
FOBXX — considered the first US mutual fund to use blockchain technology for transaction processing and record-keeping — now runs across seven networks including Ethereum, Avalanche, Arbitrum, Base, Polygon, Aptos, and Solana. One BENJI token equals one fund share. As of January 31, 2025, the fund held $512 million in assets with a seven-day effective yield of 4.2%, investing nearly 100% of assets in US government securities, cash, and fully collateralised repurchase agreements.
The Solana expansion is not a new fund launch but a network expansion of an already-regulated, already-operational product — a distinction that matters for understanding the deployment. The fund's investment mandate is unchanged; the blockchain layer handles share record-keeping and secondary distribution across an expanding set of networks.
Franklin Templeton's move to Solana follows Apollo Diversified Credit Securitize Fund's recent debut on the same network, reinforcing Solana's growing institutional credentials. Institutional investments in decentralised applications on Solana rose 54% in Q3 2024 to $173 million according to Cointelegraph, and the network has attracted increasing allocations from wealth managers and hedge funds.
The multi-chain strategy signals that Franklin Templeton is treating blockchain distribution as infrastructure to be deployed across multiple networks rather than making a single network bet — a pattern that is becoming standard among the most active institutional tokenised fund issuers.