Yesterday Franklin Templeton announced it was enabling the USDC stablecoin as an on- and off-ramp for its tokenized money market fund, the Franklin OnChain U.S. Government Money Fund (FOBXX). The implication is that registered investors can sell 24/7, but the wording implies that may not be the case. Franklin Templeton’s CEO Jenny Johnson also discussed the global nature of tokenization during the Consensus conference last week.
With $346 million in assets under management, FOBXX was the largest tokenized money market fund until BlackRock’s BUIDL recently passed it.
Each unit in the FOBXX fund is represented by a BENJI token, which goes hand in hand with the BENJI app. However, until this announcement, it required crypto-native buyers to pay for their investments in regular US dollars. Franklin Templeton doesn’t handle the USDC conversion itself. It partnered with ZeroHash to do so.
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