Franklin Templeton Extending It’s Onchain US Government Money Fund to Polygon

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Last Updated on April 27, 2023 by Bitfinsider

Franklin Templeton, a $1.4 trillion assets under management investment management behemoth, has expanded its OnChain U.S. Government Money Fund to the Polygon blockchain.

The fund was initially made available on the Stellar blockchain upon its 2021 launch. Polygon is the second blockchain the fund is supporting, according to a spokesperson for Franklin Templeton, who added that additional networks may be supported in the future.

“Extending the reach of the Franklin OnChain U.S. Government Money Fund to Polygon enables the Fund to be further compatible with the rest of the digital ecosystem, specifically through an Ethereum-based blockchain,” said Roger Bayston, chief of digital assets at Franklin Templeton. This expands our distribution reach via a Layer 2 (L2) blockchain with a track record of success.

Due to the 24/7 nature of blockchains, the fund is always available for trading. It is accessible through Franklin’s Benji Investments app and has a current AUM of more than $270 million.

According to its website, the money market fund invests at least 99.5% of its total assets in U.S. government securities, cash, and repurchase agreements completely collateralized by U.S. government securities or cash. The fund aims to provide a competitive yield and keep the share price at $1.

As is the case with all other mutual funds, investments in the Franklin OnChain U.S. Government Money Fund are neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

According to Franklin Templeton, the fund’s use of blockchain technology has improved operational efficiencies, including enhanced security, faster transaction processing, and lower costs, ultimately benefiting the fund’s shareholders. One BENJI token represents one share of the fund.

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