Solana’s RWA Scene Welcomes Franklin Templeton’s FOBXX Fund

Franklin Templeton, one of the world’s largest asset managers, is actively deepening its integrations with the Solana blockchain.

Days after incorporating a statutory trust in Delaware, the TradFi giant launched its tokenized money market, FOBXX, on Solana through the Benji app.

With the arrival of household names like Franklin Templeton, Solana’s flourishing RWA sector could be set to enjoy tremendous inflows in 2025.

Tokenized Money Market Fund Hits Solana

On February 12, Franklin Templeton announced the launch of the Franklin OnChain U.S. Government Money Fund (FOBXX) on the Solana blockchain.

The FOBXX fund gives investors exposure to U.S. government securities, cash, and repurchase agreements. FOBXX is the world’s first tokenized money fund to be natively issued on the blockchain. BENJI, the fund’s token, aims to maintaina share price of $1 and behaves similarly to a yield-bearing stablecoin.

The fund’s token is only available via Franklin Templeton’s cryptocurrency investment app, Benji. Despite promises that BENJI has been deployed on Solana, there are currently no ways of verifying its presence onchain.

According to rwa.xyz, BENJI is already available on seven alternative blockchains, and can be tracked and verified on blockchain explorers. At press time, Stellar dominates BENJI issuance, with 62% of the token’s circulating supply stored on the network.

SolanaFloor engaged Benji Investments for further clarity on how the BENJI token can be verified on the Solana network, but is yet to receive a response.

Solana’s RWA Scene Gains Traction

Franklin Templeton’s move to bring FOBXX to Solana marks the second time this year that a financial institution has migrated RWA funds to the network.

On January 31st, Apollo Global Management partnered with Securitize and Wormhole to bring the firm’s Diversified Credit Securitize Fund ($ACRED), boasting $1.3B in AUM, to Solana.

Spurred by growing institutional interest, Solana’s RWA sector is expected to witness significant inflows of capital and attention in 2025. Tokenized equities and stocks will soon be deployed onchain via emerging applications like Remora Markets, potentially bringing billions of dollars worth of traditional assets onchain and integrating them into Solana’s thriving DeFi scene.

With TradiFi heavyweights deploying funds onchain and Solana co-founder Raj Gokal highlighting tokenized assets as a meta to watch, Solana is primed to become a key destination for onchain RWA in 2025

Disclaimer: Remora Markets and SolanaFloor are owned and operated by Step Finance.

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