Asset manager Franklin Templeton was the first incumbent to launch a tokenized money fund available to retail investors in the United States, and is now the first in Singapore, offering access for an investment as little as $20. Others such as UBS and Wellington Management have launched Singapore tokenized funds targeting accredited investors. The Monetary Authority of Singapore has given the Singapore Franklin Templeton subsidiary authorization to launch the Franklin OnChain U.S. Dollar Short-Term Money Market Fund.
Franklin has developed a blockchain-integrated transfer agency solution which will be used by the fund. The asset manager described it as offering “greater transparency, security, accessibility and efficiency.”
In the United States, Franklin’s FOBXX has reached an issuance of more than $750 million, the second largest tokenized fund after BlackRock’s BUIDL. While BUIDL’s market capitalization is almost $2.9 billion, two stablecoins account for $2.1 billion of that figure. BUILD is only available to institutions and hence has less than 70 investors, whereas Franklin caters to both institutional and retail investors with almost 600 FOBXX investors.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
