Franklin Templeton announced that its OnChain U.S. Government Money Fund, also known as FOBXX, is now available on the Solana blockchain. The money market fund, which has a market cap of $594 million, is tokenized and allows investors to access shares as digital assets through the Benji Investments mobile app. Originally launched in 2021, FOBXX gives investors exposure to U.S. government securities and maintains a stable share price of $1. This move to Solana is part of Franklin Templeton's strategy to engage with the growing crypto-based products market, competing with BlackRock’s recently expanded USD Institutional Digital Liquidity Fund, BUIDL. While BUIDL's market cap has increased significantly, Franklin Templeton's BENJI token is now positioned in a thriving ecosystem noted for its decentralized finance applications. This signifies a strategic expansion into cutting-edge financial technologies as tokenization becomes an important trend in the industry.

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