Franklin Templeton has created the US government monetary market fund (FOBXX), the third tokenized monetary market, available on Solana in another signal of growing interest in the blockchain.
The fund is already available on Ethereum, Coinbase’s Base, Aptos and Avalanche, which were all added last year. The stellar network works like the primary blockchain. The asset manager announced the expansion on Wednesday.
Solana has become the main place of new tokens (mainly mecoins) and decentralized trade. It now represents more than 90% of all new tokens appearing on decentralized scholarships (DEX), according to a Pantera capital report. This increased by 1% at the end of 2023.
“Even when innovation does not start on Solana, she ends up finding it,” wrote Cosmo Jiang and Eric Wallach in the report.
FOBXX, which started in 2021, went to a market capitalization of $ 594 million, according to data from Rwa.xyx. It is lagging behind the short -term performance part of Hashnote (USYC) and the USD Institutional Digital Liquidity Fund (BUIDL) of BlackRock.
Tokenization is one of the fastest growth sectors in the adoption of cryptography, because institutions bring more and more traditional financial assets such as obligations, raw materials and funds in the economy of Blockchain for more effective operations and faster regulations. This is a market opportunity for several dollars, BCG, McKinsey and Brevan Howard reports have planned.
Solana brings together steam
The Ethereum intelligent contract network directs the tokenization effort ecosystem with a market share of 52% representing a value of $ 3.8 billion in tokenized assets. It is followed by the Ethereum Layer-2 ZKSYNC, Rwa.xyz watch. Solana, at $ 135 million, ranks seventh.
Franklin Templeton’s expansion in Solana is the last sign of growing interest in the network for tokenization efforts. The active active world platform has expanded its offers, including BUIDL, to the network at the end of January.
Anthony Scaramucci, the founder and managing partner of Hedge Fund Skybridge, in an interview on Tuesday praised Solana’s speed and efficiency, saying that she would win the race “in the world of tokenization.
