Franklin Templeton Has Tokenized a U.S. Government Money Fund Valued at $380 Million

On April 25, 2024, Franklin Templeton announced a big update to its Franklin OnChain U.S. Government Money Fund (FOBXX). The fund now allows shareholders to transfer shares directly to each other using a public blockchain, making it the first U.S.-listed mutual fund to use a public blockchain to process transactions and maintain shareholder records.
Blockchain Integration
Founded in 2021, FOBXX is a pioneer in integrating blockchain technology to officially record shares and process transactions using a proprietary system developed by the fund's transfer agent. As of the end of March 2024, the fund had over $360 million in assets under management.
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Roger Bayston, head of digital assets at Franklin Templeton, expressed enthusiasm for the new feature: “We are excited to offer BENJI token holders the ability to make peer-to-peer share transfers. We expect such innovations will allow our fund to integrate into the broader digital asset ecosystem easily.” 
Implications for the Digital Asset Ecosystem
The fund primarily invests in government securities, cash, and fully collateralized repurchase agreements. It maintains a stable share price of $1.00 and seeks to provide a competitive yield while preserving capital and liquidity for investors.
Individual investors can access the fund through the BENJI Investments app on Android and iOS platforms. At the same time, institutional clients can use the same app or the BENJI Institutional web portal.