Franklin Templeton Says Its Money-Market Fund Is Attracting Crypto Assets
- Stellar Development Foundation puts $20 million in mutual fund
- Stellar blockchain is used to record fund share ownership
Photographer: Luke MacGregor/Bloomberg
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Franklin Templeton says its money-market fund that records share ownership on a blockchain is seeing inflows from crypto-related entities in the aftermath of the shuttering of several industry-friendly banks.
Total assets in the Franklin OnChain US Government Money Fund (FOBXX), which was launched in 2021 and became publicly available last year, have increased to around $270 million. The fund uses the Stellar blockchain network to process transactions and record ownership. The fund invests in US government securities, cash and repurchase agreements and doesn’t hold any cryptocurrencies.